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Thursday, April 7, 2011

Speed bumps..

SPX gapped up at the open and topped out very early in the morning at 1339 and drifted lower made the bottom a little after 9.  It then rallied slow an steady to close at 50% of the days range.  It made a HH and HL and closed in the positive.  That is positive for the markets.  My focus is all on TNA these days.  It also topped out early at 93.59 and came down to make a low at 10.00 at 90.5 and rallied slowly to close near the half way point.  It is now up for 7 days in a row.  From 7 to 8 days in a row has happened twice before with 100% probability. 
This is TNA hourly.  It met resistance today at the median line.  The way it reacted this afternoon wasn't very bull friendly  The rally had no conviction  This may have ended the 1 of 3. May have. 
This is also TNA hourly and it is Gann angle chart.  Here it is getting returned by the 3x2 line.  This line has acted as resistance many times before.  But the declines have been shallow.  I don't expect the hit which we are clearly due for to be of any big significance.  When the next step is rip roaring rally there is no reason to bring the markets down much and let people hop on to it.  The decline IMO will not be any more than a kiss to the DOMA.
This is my long term TNA daily.  The blue bottom channel is what  TNA has been in.  IMO what I know is only half. The other half is the red channel at the top.  We are currently in the fast darker brown channel.  This is steeper because it is wave 3. I notice that we have done 1 and 2 and may have also completed 1 of 3.  My projection is for TNA to get to 142 by end of November.  It might be higher.  With that kind of a backdrop next decline can't be thought of any more than speed bump.  I plan to be fully bullish and load up. Opportunities  don't come that often for multiplication.
I am bullish and thanks for reading my blog.

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