The Wrap 1/4/11



As you can see above (click on chart to enlarge), the S&P is above the 200 day moving average and has broken its downtrend line on the daily chart. Both bullish signals. 1292 is the next target in case you’re keeping score at home.

I took a little TQQQ off today and didn’t touch anything else. The Russell 2000 seems to be fighting the tape, so TNA is just hanging around. If the Russell (IWM) can break above the 76.20 level, TNA should be off to the races.

Most of the ETF’s we follow were fairly mediocre today, but all and all, as I said this morning, an up day or a sideways day is still bullish. Today we got a sideways day. Volume needs to pick up though.

Looking for some good setups. I will see you tomorrow.




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