Day Trading – The Bullz And Bearz
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ETF Breakouts Across The Board – The Big Turn?
June 23rd, 2009
Morning all! As I went though some charts late last night – surprise surprise right – I found a couple areas that had some great technical trendline breakouts. Whats interesting is that there are breakouts across the board, meaning that this turn in the markets we are seeing may have a very broad effect. Of course this is great for those who are positioned for the big turn – ahem, like us!
ABX, a gold ETF has clearly broken it’s uptrend. From here the next support should be around $28.
DUG ultra short Oil & Gas has already made a huge breakout. This one we already knew about because we were long ERY – the 3X Oil Bear and made a killing on it the past two weeks.
Finally, EEV is the ultra short emerging markets ETF. Again, this one has clearly broken it’s downtrend – meaning that the emerging markets are going to continue the fall. I even think that last night most overseas markets were down hard.
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