Thursday, April 12, 2007

ETF update for Friday April 13

Today we got a snap back move in the index ETF's. The index ETF's did hit the support areas that I mentioned in my post yesterday. I did not expect them to go straight up. I was expecting some stabilizing first before we went up. I did not go long on the index ETF's, I missed my long triggers by a hair. I am going to wait and see what happens tomorrow before I make any trades.
As I mentioned in my post yesterday, USO was in the support zone and was setting up for a long. Today I went long at 51.64, the trigger was 8/21 moving average cross. My stop loss is at 50.66, looking for a move to 54.

The support zone on USO on a daily chart. The support consists of the daily 50 moving average support and trend line support.

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