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Thread: Here Comes The Bounce? - May 9, 2012

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    Here Comes The Bounce? - May 9, 2012

    Here Comes The Bounce? - May 9, 2012
    The setup is unchanged for IWM, waiting for the short entry limit of 79.81 to be hit on a rebound. I would be light with position-size and leverage because yesterday has the looks of an intraday reversal from a potential bottom. The lows of the day briefly undercut the April 4th low by only a few cents before turning higher on strong MF and volume, closing above the 3-day VWAP (blue line (79.06). This is tasting like selling exhaustion with another fast move from a failed breakdown move. Monthly S1 (78.41) is now the clear support reference and a close today above it would comfort the potential bottom scenario.

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    GDX keeps acting like a falling knife but the GDX robot’s LT/ST settings remain neutral and are advising to stay in cash.

    Quarterly S2 (41.95) is a serious candidate for offering the launching pad nessecary for a much awaited snapback rebound. The last consolidation was broken at Quarterly S1 (45.75) and Quarterly S2 is a logical temporary target for this selling wave.

    Today’s porosity for the RT model is 0.092%.
    Billy

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    Last edited by Billy; 05-09-2012 at 06:25 AM.

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