Thursday, April 08, 2010

Turn or No Turn?

As expected on a red day the TLT made a nice little pop. Also not unexpected was the almost identical % gain in GLD. What was of interest (to me) was the strength in SMH, which often leads the Qs in these divergences. The implication of that strength is that Wednesday fade may not have much momentum and any carry through is therefore suspect.
Of the majors (Qs, IWM, SPY) the Qs were down the least at .25%, reinforcing the previous argument. Also note that Monday's top Rotator pick . . BAC . . continued as a standout gainer, while AA gave up a sizable portion of Tuesday's surge.

On the currency MLR it looks like the yen is a real goer . . until you take a look at the chart and realize that it's essentially gone from truly morose to simply dismal . . technically an improvement but still a questionable long. The UUP is showing its good side, and while its not riding in rank #1, it clearly has positive momentum.
Our FXC superstar lost a little ground today. FXCs ATR8 is $.64 so the 1/3 ATR (trailing) stop is $ .21 which executed a LongExit at $ 99.38 . . and we are now flat FXC.

No comments: