NEW BULLISH Plays
iShares Japan Index - EWJ - close: 11.36 change: +0.14
Stop Loss: 10.98
Current Gain/Loss: unopened
Entry on June -- at $--.--
Listed on June 29, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 66 million
New Positions: Yes, see below
Why We Like It:
The EWJ is an ETF on Japan. After an incredible rally from Q4 2012 through mid-May of this year the Japanese market produced a very sharp correction. Now after a month of churning it looks like most of the pain is over. The oversold bounce in the Japanese currency (the yen) has rolled over and the yen is sinking again. A falling yen should be good for Japan's exporters. The Japanese government continues with its record-breaking QE program.
Currently the EWJ is hovering below resistance at its 50-dma and the $11.50 level. I am suggesting a trigger to launch bullish positions at $11.55. If triggered our initial target is $12.40.
Trigger @ 11.55
Suggested Position: buy EWJ stock @ (trigger)
- (or for more adventurous traders, try this option) -
Buy the 2014 Jan $12 call (EWJ1418a12) current ask $0.50