Posted Friday, June 18, 2010 @ 7:00 am by Dr. Wish
Second day of new QQQQ short term up-trend; UNG up-trend?
The GMI is holding at 4 and the GMI-R at 7. I am adding to long positions but will be more confident of the new up-trend if it can reach day 5. I am also keeping an eye on UNG, the natural gas ETF, which may be beginning a Stage 2 up-trend. Note the weekly chart below. (Click on chart to enlarge.) Note that UNG, after a long decline, has just closed above its critical 30 week average (red line). If this becomes a true Stage 2 up-trend, there will be plenty of time to climb aboard. I would like to see the 10 week average (dotted line) rise above the 30 week average (red line), before I take on a large position.
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