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MIKE PAULENOFF'S ETF TRADING DIARY

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Mid-Day Minute for Tue April 1st 2008 RSS

Tue April 1st 2008
Emerging Markets ETF Positioned for Acceleration
by Mike Paulenoff, www.MPTrader.comEmerging Markets ETF Positioned for Acceleration
By Mike Paulenoff, www.MPTrader.com

Today's up-gap open in the EEM and powerful upside follow-through has positioned the price structure for acceleration towards a 142-145 next target zone. I view all of the action off of the 3/17-3/20 double-bottom lows (124.86-124.78) as a near-term base formation that initially found resistance at 133.00-135.00. Today's thrust represents a continuation of the initial upleg off of the base (125 to 135 roughly), which triggers a swing target zone of around 145.

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