Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Brazil ETF Looking Buoyant


Last week's weakness in the iShares Brazil ETF (NYSE: EWZ) managed to hold support along its near term 2-1/2 month support line now at 72.90. More importantly, the major up trendline off of the March 2009 low at 31.14 also cuts across the price axis in the vicinity of 73.00, which helped to thwart near term corrective weakness. As long as 73.00 support down to the prior pullback pivot low at 71.13 continues to contain weakness, my overall work on the EWZ technicals will remain "friendly." Aside from the technical conditions, it is encouraging today that despite a 6th consecutive down day in crude oil prices, the EWZ has turned up in sympathy with the bounce in global equity markets. With my near term work extremely oversold in oil-- suggesting that an upturn is imminent-- the EWZ should get the benefit of both equity and oil strenghth in the upcoming hours. MJP 1/19/10 11:20 AM ET (74.72)

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!