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TBT Should Hold Ahead of Potent Upleg
By Mike Paulenoff, www.MPTrader.com
Below is what I wrote about the ProShares UltraShort 20-year T-Bond ETF (AMEX: TBT) exactly 24 hours ago, which appears to have unfolded pretty close to expectations. If the pattern continues to unfold as I expect, the TBT should hold between 39.00 and 38.50 ahead of a potent upleg that continues the advance off of the 12/18 low at 35.51.
What I wrote yesterday: What I am not sure of is if the rally from yesterday (Mon 40.04 to 41.01) is the start of a new upleg that should propel the TBT's above the January high at 42.96 into a projected target of 43.50/80? If this rally is not the start of a new upleg, then the TBT's could very well head for the 39.00 area prior to pivoting to the upside into the expected next upleg. On the other hand, if I don't establish a starting long position, then train might be leaving the station without me.
