Tuesday, August 23, 2011

Market Watch:IYF

The financial index IYF is at the decision point. Pennies away from the decision point that could lead to a massive move in one direction or the other, especially the downward one. Notice how similar the chart of IYF looks to that of JP Morgan. They are almost identical, but where JP Morgan has already made its decision closing underneath support of $34 a share, the IYF is still at it's decision point.

I wish I knew which way it would break, but don't guess just wait for the break. If it breaks underneath $44 a share that would be a good place to go short.

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