THE DOT - if this turns orange or red be alert

Monday, April 13, 2009

XBD tech update - Goldman drives the market

XBD at a daily 10 still has at least 2 higher days ahead. The first driver will be Goldman tomorrow as they are still with some upside margin and I have no doubt they will have a good number and outlook tomorrow. The 90 level is an easy target short term as the BKX even looks far better as it has a clear Head and Shoulder pattern and broken above the neckline heading for 41/2.
SPX has to make 2 higher highs as well above Thursdays close. Goldman is at a 9 count hence we need 3 higher closes above today's heading for 140. That's the exit for the Goldman longs as they intend to sell stocks themselves as always with a good timing.

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