Thursday, March 12, 2009

RUT: B-Line to the 20MA

The RUT put in a rocket ship day with very few pull backs to close up 6.50% for the day.

Amazing.

Tomorrow may have to take off some of the froth and then we'll see if more buyers are ready to jump in again. If it rallies hard again tomorrow the upside target would be the 38.2% fib at 408.80.

To close above 400 tomorrow would show that the bulls have temporary control.

RUT Daily Chart:

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