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.

Bullish on TLTs, Despite Near-term Correction


Bullish on TLTs, Despite Near-term Correction
By Mike Paulenoff, www.MPTrader.com

The Lehman 20-Year T-Bond ETF (AMEX: TLT) closed about 80 cents off their earlier highs at 93.87 in what turned out to be a vertical panic-like move, the strength of which certainly surprised me (yesterday afternoon, in particular). The target of 94.00 did not surprise me, just the speed that it was achieved. I remain very bullish on the TLTs for upside continuation to new highs above 96.36 established on November 26 during the heart of the sub-prime crisis. In any case, today's action suggests strongly that the TLTs should be entering a near-term correction -- into the 92.60/20 area -- prior to the next loop to the upside towards new highs.

  • 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!