The last few months have been brutal for the economy and the markets. Over the past few weeks, we have been tracking TNA and TZA, which are 3x the Russell 2000 and 3x inverse the Russell 2000, respectively. The market continues to be a forward looking entity, and the technicals for small caps continue to look good.
IWM - technically, the 13 day ema is above the 50 day ema; bounced off the top bollinger band, low volume, stochastic trending down away from overbought, MACDs positive, FI negative - it's psychologically not easy to do, but 01/09/2009 may have been a good buying opp. of TNA at $31.50 - could ride the Obama inauguration wave for the next week and beyond, as long as no significant bad news hits the markets.
Sunday, January 11, 2009
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