4:30pm ET: Trade Alert! SPX is above its 40dma (our Buy/Sell signal) for third day in a row lending credence to a continuation of this rally. Go long, young man! (Or wait until April 1st, after the end-of-quarter rebalancing, to jump in. Don’t be an April Fool!)
2:00pm ET A CUT above: The Timber ETF is breaking out
Tags: Timber ETF, commodities, chart breakouts, new highs
Today, the Guggenheim Timber ETF (CUT), broke major multi-year resistance, gapping up to a new high on twice the normal volume. The stock has been advancing steadily since the March 2009 low, gaining over 200% in the process.
Today’s decisive move higher is a signal that timber has much more room to roll. Investing stats: This ETF sports a 2.6% dividend yield. No options.
Here’s the weekly chart of the CUT since November 2007 inception.
1:30pm ET: Intraday support/resistance:
SPX 1322/1335
DTX 526.25/533.25
DJIA 12280/12420
Nasdaq 2765/2780
OEX 591.5/597.5
VIX 17.3/17.9
Average VWAPs: +63/-26 (not much volume propelling today’s rally)
Trin range: 0.65 – 1.20