iBankCoin
Joined Jan 27, 2008
7,062 Blog Posts

Is This The Spot?

Looking at the $DIA, the ETF that tracks the Old Man Index, The Dow Jones, prices bounced exactly where they should have– right at the 200 day moving average. We saw buyers step-in on the 200 day touch back in April & May. Do you we see the same thing in June?

Monday’s low now become an important low to gage risk. Should we break the lows and fall below the 200 day average, this could create a new wave of selling and you might want to fall back to cash. Take a look at the daily chart below:

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Also, Oil quietly traded back above $70. From our Exodus MOMO screen, $EOG is in my sights, as is $KMI. As for a biotech lotto ticket, keep one eye on $CLSN here, the 30 minute chart is a thing of beauty.

See you guys at the open…

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