New Recovery Highs Expected in UltraShort T-Bond ETF

New Recovery Highs Expected in UltraShort T-Bond ETF
By Mike Paulenoff,

My near and intermediate term work indicates strongly that the upside pivot low at 44.01 last Friday (3/06) in the ProShares Ultrashort 20+ Year T-Bond ETF (NYSE: TBT) completed the corrective period off of the 2/09 recovery rally high at 49.86. If that proves to be the case, then all of the action this week- the climb to 48.20 on Wed., followed by the pullback yest. and today- represent the start of a new upleg that should propel the TBT to new recovery highs. Let's notice that the 50 DMA is accented sharply higher now, and the 20 DMA is flat, creating a positive momentum condition within a very constructive pattern that has been developing off of the December low. After a bit more backing and filling, the TBT should begin a new upleg. Only a plunge that breaks 44.00 will wreck my current technical outlook. MJP 3/13/09 11:15 AM ET (46.45)

  • 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!