Pssst! Come Check Out My Junk
- Posted by Greg Harmon
- on June 5th, 2014
I’ve got a full package to show you. Complete with surges higher and then pullbacks, placed among rounded bottoms. Are you intrigued? Then take a look.
My chart of the Junk Bond ETF, $JNK, shows a series of repeated patterns. There are a series of higher highs rolling over into a series of higher lows in rounded bottoms, The 20 day SMA has been a rough support area since March and the last 3 days are showing that it may be doing so again for the 4th time. With a RSI that is turning back higher it may be ready for the 4th move higher targeting the 41.65 area. Using 41.25 as a stop this could be a nice 1% return for a 2 to 3 week stay. Not bad in a market that is churning sideways and money market rates at zero.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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