All the indexes opened lower but closed higher today. It seems that they are bouncing from their support levels. SPY bounced from 1316 which I had identified in my 02/05 blog. The weakest link looks to be Q's among all the indexes as it is getting very close to its January lows. Yesterday also the internals didnt confirm the downmove so are we getting close to a short term bottom here? Would Q drag other three indexes down with it or they all will bounce from here and Q will follow along bouncing from its January lows which is still not broken. Whatever it is going to be one thing is very clear we are getting close to a decisive period in bull bear fight now, lets see who wins.
We are moving our stop on AMAG above todays high at 53.85.
Longterm I am getting bullish on UNG, etf for Natural Gas. I dont have any position yet but once I enter it I will post it.
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