Buy EDC on the Breakout - Buy EDC on the Back Test
Thanks for all the kind comments. I do this to try to help others . . . and have been cussed at and called every name in the book . . . so it is nice when someone appreciates it and comments.
The question "Where does this go?" is a good one. In the immediate future, I am concerned about Obama's speech tonight. The more he hammers on BP, the more problems Europe has. The value of their currency actually relates to the well being of BP. I held, but that may have been a mistake. I may sell half in afterhours for safety.
I am also concerned about the put/call ratio for EEM. Most traders choose this ETF to FAIL.
We are also approaching BOTH the 200dma and 50dma for EEM at 40.30. This is a concern, but the technicals for S&P are more important to the movement of EEM than the technicals for EEM
Where does it go? S&P 1050 = EEM 41.50 = EDC 28.60
All numbers approximate.
I have said 1144 for a potential reversal. Most believe 1150. Ron Walker feels confident on his 1170 figure. I wish I could ask him WHY he believes that. This gives us an EDC target range of 28 - 30.25. The target will NOT be reached without retreats along the way.
And we ALL know this faux rally could end tomorrow, right?
Thanks again . . . I wish you all well regardless of which side of the fence you are on.