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By Mike Paulenoff, www.MPTrader.com
The Fed's decision to "selectively" lend $30 billion (each) to Mexico, Brazil, S. Korea and Singapore to try to ensure financial stability in the emerging markets triggered a late-session pop in the iShares Emerging Markets Fund ETF (AMEX: EEM) -- notwithstanding the plunge in ALL equity indices during the final 10 minutes of trading yesterday -- which extended into this morning. Let's notice that today's up-gap thrust the EEM to new recovery highs off of the October 27 low at 18.90. Let's also notice that my underlying hourly momentum gauge (RSI) has climbed to a new high for the move (but not yet overbought), which confirms the EEM strength and projects prices towards a test of the Sept-Oct downtrend line, now at 25.90.
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!
