ETF CORNER

SPY : V.I.D.E.O !

USO : Bullish if we stay above (S2) !

USO has been holding well above the recent chart I've posted (Right Here) ! I am zooming a little bit on this previous chart so you can see more clearly how USO could get to the .236 fib retracement off 2008 peak at $45.5 !  I had already drawn this scenario in case it were to occur ! I can tell you one thing : If USO stay above (S2) .. this thing is going to $45 ! See this red scenario in this old chart (Right Here)

BTW : All bets for $45 are off if USO closes below $39.5 !

 

XLF : Closer to "B" !

XLF is trading at $14.59 as i'm typing this ! Here is an update on the last post on XLF . I am reposting the chart to show you how close we are to point "B" which turns out to be in the $15 area ! For the FAZ and SKF buyers .. I suggest you wait a little bit more before jumping in !

IYT : One clue !

Futures are higher this morning as I'm typing this ! The right shoulder formation (S2) of the head and shoulders top I've been harping about (Here!) will be in jeopardy if we manage to close the day above SPY 108.15 ! If we close above it I would urge you to turn to the IYT (Transportation ETF) for a clue to see whether or not it recaptures the old red support line (S) at $71.25. I had anticipated a bounce in IYT last week (Click Here!) and will be very curious and impressed to see IYT above $71.25 (yellow line) ! IYT above $71.25 will be very very UGLY for the Bears ! I'll keep you uptaded early in the trading day ! Here is the updated chart of IYT : ENJOY !