Monday, April 9, 2007

ETF update for Tuesday April 10

All index ETF's are overbought and need to pullback for any entries. I will post any setups if and when they occur. Right now, for me, its time to sit on my hands and wait for opportunities.
Sold SLV at 136.78 for a $2.98 gain. Price hit my target at the top of the channel around 137 and I sold out. I will be watching for a pullback in which to reenter.

Sold EEM at close on Monday at 120.91 for a $4.44 gain. I usually sell something when it hits a resistance level or takes out a trailing stop. I sold this position because indicators are very overbought and a downturn should be coming soon. I am a trader and my mission is to buy weakness in up trends and sell when price peaks.

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