First chart is a weekly of TBT showing some serious resistance that we overcame today with volume increasing. It was all Fed generated, so to be safe I’ll monitor the action tomorrow to confirm today’s move. If we can stay above these levels, build a base, then we have a real shot to see this chart making some higher highs and higher lows.
Looking at how TBT reacted the last time the market decline we can see that it rose while the averages fell. If we are going to pullback soon, which I expect could start as early as tomorrow, that would reinforce this trade.
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