MIKE PAULENOFF'S ETF TRADING DIARY
While this week's decline in the SPY has given back about 60% of the Jan-Feb advance, let's notice that the decline in the iShares MSCI Brazil ETF (NYSE: EWZ) gave back "only" about 40% of the prior advance. In addition, the form of the decline off of the November high at 87.67 into the 1/23 low at 64.00 has the look of a completed corrective leg. Although all of the action off of the January low could represent the start of a new bull phase, my sense and experience warn me that it probably represents something much less bullish
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