For today, we are turning our attention back to precious metals. After a healthy retracement, one precious metal is starting to show some strength once again and looks ready to push higher. The market, overall, looks continually weak this morning, but it is only marginally down in the futures market. We got a weak report from durable orders, and earnings were not good from Applied Materials (AMAT) and Ralph Lauren (RL).
For our positions:
HANS – Target exit will be set upon a breakout above 70. Stop loss is at 68.75.
SODA – We are up big on this one this morning at 57.85 after a 55.20 entry. We are going to wait and see what happens with this one this morning. We will raise our stop loss to 56.30, but my thought is that this can go to 60 very soon.
FOSL – We are moving our target for the first half down to 103.50. Stop loss remains at 99.90.
Let’s get into the new position.
Buy Pick of the Day: iShares Silver Trust (SLV)
Analysis: Looks like its time for silver to make a comeback. A good day yesterday broke SLV out of a downward price channel it was getting into, and the stock looks like its ready to make some moves higher towards 38. While the silver prices should be held in check by a higher dollar, these prices have moved without association to silver out of pure speculation. Once the trend starts to move on precious metals, it is hard to undo it. The ETF is showing good strength this morning, and more strength could be on the way from a technical standpoint.
To read the rest, visit: http://theoxengroup.com/blog3/?p=3592
Entry: We are looking to get involved this morning at 36.05 – 36.35.
Exit: We are looking to exit our first half at 36.90. Our second target will be nearing on 38.00.
Stop Loss: 2% on bottom.
Timeline: Daytrade.
Oxen Entry: In range at open.
Good Investing,
The Oxen Group
