Tuesday, June 16, 2009

Shuttle Launch: Redux

Ok, second chance to drag the family to go see the Shuttle launch tomorrow morning. I say, "drag" because the launch is now at 5:40 AM, I have to be inside the gate within an hour before launch, and it takes almost an hour to drive there. Soooo.... that means getting up around 3 AM or so and loading up the car. At least this should count as a night launch and the sun won't be in our eyes like the last date. Here's hoping!

As for the Markets, I've been in cash since last Wednesday, and I'm glad I did. Although Thursday would've been a better day, but that was probably short-buying getting ready for this week. Judging by the Daily chart, I see more slippage down to daily RSI of 45, and then to 40. That should time about right with the Yellow Channel/Blue Fibonacci intersection I have in the chart below. It predicts S&P 500 could see an important pivot point around 894 on Thursday around 11:30 AM.

I might buy a little FAZ to ride this down, but it's too early to get brave with swing trading.

30-yr Bonds still look like prices are rising, as yields keep falling. Someone's buying, but I don't know who. I'm still bearish long-term on these bonds, and continue to keep an eye on TMV.

However, the 30-yr Bull 3x ETF: TMF is riding a significant Fibonacci retracement level (38.64). If it punches through I'll look for a good time to jump on board to the next level around 42.50, as a short-term swing play. After all, you have to be active with these multiplier-ETF's or you'll lose money due to time-decay.

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