Thursday, April 14, 2011

All dressed up ..

After making the LOD early in the morning TNA started a steady rally and took it into the into close at the hod of 83.41.  The low was 79.8.  Range was $3.50 and TNA was active.  Closing at the HOD is actually negative.  Based on $RUT we can expect a 5 - 8 point decline some time during the day in $RUT  And at a decline of 6 points on $RUT and I will be going long. MACD; Slow Stoch  ; and % williams got quite strong towards the EOD aand flashed buy signals. 
This is TNA hourly.  I mentioned this 55.9 number which is 100- 1/2 of Syl's 88.2 number and TNA stopped dead on that number at 79.8. That was also the mdian line support from the bottom half of the fast channel.  After a slight pull back from 84 which is 38%;  TNA should rally towards 87 which is 25% point.  The speed and acceleration of the rally would tell if the 3 has started or not.  The hit was 14 points a 50% recovery of 7 points would also put it around 87. 
The initial jobless claims rose.  OK week to week but had it been up we would be celebrating.  1st quarter earnings are coming out.  So far we have had 3 misses.  AA; JPM and GOOG today.  BAC is up early in the morning.  Senate is investigating Goldman.  Here is the small problem if banks report great earnings criticism gets louder that they are gouging if earnings fall the stock falls.  That is a high wire act only the likes of GS can do. With other problems like the debt ceiling;  Libya and Japan major budget cuts it is not hard to see why the market is shaky;
At the same time bull markets are meant to climb the wall of worries.
I am bullish and will be watching to see if any lows are being taken out and that would spell trouble.
Thanks for reading my blog.

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