Looking To Go Long - June 7, 2012

The IWM robot is looking to enter a new long position at a limit price of 76.20 with an initial stop at 73.32.

In three days time, IWM has successively and successfully conquered four of the most important long term floor levels : Semester pivot (73.27), Yearly pivot (73.55), the 200-day moving average (75.66) and Quarterly S1 (75.90). This happened with an extremely strong and sustained money flow indicating institutional interest to accumulate for the long term at these levels which have now become strong support clusters. The current resistance clusters are relatively light in comparison and no serious resistance is looming above before the 50-day moving average (79.19).

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The GDX robot is still in cash. The LT/ST settings do provide an edge in case of an intraday short signal i.e. a cross below 1.35% by the Precious Metals MF. It came as low as 1.42% yesterday before bouncing back to 1.74%.
Billy

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