Welcome back to the Daily Analysis. I hope you enjoy this that I do every evening. Hard to believe I have been doing this since October of last year – truly has been a routine for me since then. I love doing it and it has allowed me to grow greatly in my trading the past few months. This almost sounds like I am saying good bye.. but I am not, just thought I would mention how grateful I am to have the ability to type up everyday how I feel and have all you here for the ride. Great community out there for the most part. Let’s get on to what you likely came here for – stocks –
$SPY traded higher today but is still in it’s wedge pattern. We did fade off the highs near the end of the day which is a (at least a little) sign that we are not quite ready (not today that is) to blast through the upper end of the wedge pattern that we have been following for the past few days. The banks could be a tell though as we go into tomorrow. We talked about yesterday how they were holding higher and showing strength, looking like the breakout was imminent. They broke out today and I believe this could be a sign for the $SPY to follow suit in the next couple days.
$XLF – as we already said, the banks look strong and broke out today. As long as they hold today’s lows (even with some consolidation) – we are looking as if we are going higher. Hard to chase it here though.
IWM has a similar pattern as SPY – little looser and maybe showing a little more strength as well. Keep an eye on it for a breakout to new highs. The trend is still up, do not forget that.
BBY was a nice trade today – we spoke about on the Daily Analysis last night and today we saw a nice little move out of it. I was long going into today and sold it this afternoon for a decent gain. I will likely regret that sell though – the real stop on the daily timeframe should be around 27.20 (or even below today’s lows)
GLD broke the wedge upwards like we said was likely a couple days ago – still in a macro downtrend and not a real pattern here yet. Miners look alot better though (ex. $SLW, $MUX, $GDX), monitor these.
TLT is still a little extended to the downside right now, but also in a downtrend. Another hold below 116 (even better 115) tomorrow and we will likely head lower from here. On my short list.
MGM has a nice pattern as long as it holds the 14.94 level it is really in the game to break the wedge higher. Really like this set up.
BYD has a nice flag set up. Over the 13.07 or 13.22 (to be safe) level it looks like it can go.
LVS is one to keep on the radar but it is not as good as MGM – 59.75 to 60 is the pivot on this one.
THRX has pulled back to the 21 EMA and a nice little green candle today. I know a lot of other traders will be watching this one tomorrow and over the 36.50 it looks like it can move. At all time highs – has a look like it wants to move.
Have a good evening, will be back tomorrow for more Daily Analysis. Follow me on Twitter if you have not already (@BenCBanks), so you can get my thoughts all around the clock.