Tuesday, August 04, 2009

Brazil ETF update

EWZ just broke out above its 350SMA. This is a very bullish sign to me. The very long secular trends tend to be filtered by the 350SMA. This has been about a 50% gainer since March when I entered the trade with a short term shakeout when it breached the 75SMA.

While I have been trading shorter time horizons, I always try to get an idea of where the 250 and 350 SMA are to try to be aligned with the long term trends in markets. Of course I'm not married to this position. If it breaks down then I will short it.

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