Good Afternoon.

Today, we have the US Dollar exhibiting further weakness. For traders interested in UDN, unless you got it right at the open, it has surpassed the top end of our suggested entry range of $21.16 and has been firmly bid at $21.18 / $21.19 ask. If still looking to be long UDN, $21.19 may have to be the price for an entry today. It gapped up as anticipated, but did not run away too hard to the upside, and I can see $21.19 being an acceptable entry level.

GRID is once again chugging along to the upside, tacking on 1.27% at $96.60 the last time I checked. Looking at the technicals, we have the daily RSI(14) near 66.77; suggesting that short term overbought levels may be in the cards soon. Since the broader markets are strong, I think we can get another day or more out of this one. Even if this pulled back a bit in the next day or two, I think we are still positioned well here. Stay tuned.

ERTH is also looking bullish in today’s session, adding 1.13% @ $66.44 the last time I checked. No changes here. Hold.

TAN is slightly higher and holding well. I like the consolidation and the way it traded around the 50-day SMA. I think solar will have more days in the sun ahead, with similar price action to yesterday’s session. Hold.

IYT (short) is catching a slight bid today in line with the broader market. It is a narrow range candle so far today and seems to be consolidating for a test of its recent lows near $245.48. For now, let’s keep working limit orders to cover any short positions at $243.01.

Stay tuned for more updates. Eyes will be peeled for exits soon on GRID.

Thanks for reading today’s Stock Trading Alert. Your readership is valued and appreciated.

Have a great afternoon!

Thank you,

Rafael Zorabedian
Stock Trading Strategist