“Turnaround Tuesday”… isn’t that what they call it? Well, it turned around for several things not called precious metals or China.
I did a little buying today of strategic semiconductor and macro market items we have discussed in NFTRH. This is under the cover of an ongoing short against SPY that remains green despite today’s bull turnaround and a tentatively held short against the small caps.
Anyway, here is a look at some of the turned around items.
I will believe RUT is bulling again when it crosses the SMA and EMA 50’s and holds up there. It’s ultimate target is significantly higher, but the question now is ongoing summer correction or not? Greece by the way, is potentially bullish and if the market firms, it could just prove to be another contrarian thing. That is how sentiment in markets works.
SOX, nice Hammer dude. We had noted in NFTRH that even if SOX takes out the March low it is still in a long-term uptrend. The Hammer took it out and reversed. SOX can drop to 640 or so and not be destroyed.
The Pigs dropped and Hammered and will do what interest rates say they will do. We have down to 73 as its correction potential, but it has also satisfied its need to correct if interest rates should so decide.
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