Sunday, May 4, 2008
RedDirts Weekly Update
This week I'll start out once again with a look at the SP500 weekly chart. The market appears to have found it's way to the resistance area that I mentioned in my April 20th post. A pull back to the low end of the trading band (1377) would not at all surprise me. Considering the oscillating indicators on the weekly and daily charts are in over bought territory. I think we could see a little push higher to start the week then, like a door being slammed in your face, the party's over for now. I would have to see a breakout above 1440 along with high volume to convince me otherwise.Now let's take a look at the BricTrade. Since the late March StochRSI buy signal on the BIK and the Stochastic buy signal for the EEB on the $HKO chart, we've seen a nice run up on both charts. Since March 26 the FXI(China) has led the way with a 24.5% gain. Followed by EWZ(Brazil) with a gain of 17.88%. Next would be INP(India) with a run of 12.23%. Last but not least is RSX(Russia) with a gain of 8.58%. As I mentioned in a previous post on April 20th, the RSX drew some attention due to the fact it was in a strong resistance area at that time. This gap resistance has limited the gain for RSX for the past 3 weeks. It now looks to me the technicals have corrected and it will soon make another attempt to break out above the gap resistance area. Does BRIC stop growing just because the USA isn't?
Wow!!! Some of the GreenTrade Stocks have rocketed to the sky lately. BWEN(formerly known as TWRT) is my personal favorite due to the fact I first took a position in this stock because it showed up on my Flat Base Breakout (FBB) scan. This was even before Jeffrey Gendell bought in. Now talk about a boost in your confidence for holding a trade. Seeing a GURU jump on board doesn't hurt.
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Labels: BRIC ETF's, decisionmoose, green trade, sp500
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