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By Mike Paulenoff, www.MPTrader.com
Below is what I wrote about the ProShares UltraShort 20-year T-Bond ETF (AMEX: TBT) exactly 24 hours ago, which appears to have unfolded pretty close to expectations. If the pattern continues to unfold as I expect, the TBT should hold between 39.00 and 38.50 ahead of a potent upleg that continues the advance off of the 12/18 low at 35.51.
What I wrote yesterday: What I am not sure of is if the rally from yesterday (Mon 40.04 to 41.01) is the start of a new upleg that should propel the TBT's above the January high at 42.96 into a projected target of 43.50/80? If this rally is not the start of a new upleg, then the TBT's could very well head for the 39.00 area prior to pivoting to the upside into the expected next upleg. On the other hand, if I don't establish a starting long position, then train might be leaving the station without me.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
