The Google weekly is just shown for its 14-day RSI which is in the process of rebounding off its 40 level, an event that has generally been the prelude for a rally.

The daily (click on charts to enlarge) shows us how GOOG rebounded off its 200-day simple moving average and has almost filled the gap caused by the 2/27/2007 global market meltdown (what a difference 3 weeks make). One also notices a bullish dynamic of higher lows and higher highs starting with the 3/5/07 low at 437. Last but far from least, the blue downtrending resistance line has decidedly been broken over the past 2 trading days. All this amounts to a stock that could get near its all-time high above 500 in short order, especially considering its resilience in the face of negative news background (what with the Viacom lawsuit heard around the world and all that).

Finally, USO, the oil ETF is shown above (click to enlarge). Even though I'm out of the ETF, I tought it interesting to take a second look. As per an earlier entry, USO's bullish move looked cooked right below resistance at 50 but then it had a second wind, made it durably above 50 and now has 55 in its sights. It's now trading a bit above 51 so that a bullish strategy with a stop just below 50 and a target just below 55 seems reasonable to me.

Now on to GLD, the gold ETF and there isn't that much to say here. As indicated above (click to enlarge), it appears that GLD is trapped (that is a good thing for those of us who own it) in a rising channel and as long as that's the case, I see no reason to alter my bullish view. Adding to any long position at this level would not be a bad idea with a clear stop on that added part at 62.4, below the local low established on 3/5.

TLT, shown above (click to enlarge), has on the other hand behaved according to script ("safely on its way to 90") and even spiked above 91 on 2/27, that most turbulent of trading days (it was the late 90s all over again, computer glitches and all). We're now in the middle of a holding consolidation pattern, what looks to be a pennant. So I would say stay long, this thing could go testing that 91.80 high established on 12/1/06. However should the pennant break down, all bets would be off. A good exit point (and sell stop) would be below the 20-day simple moving average at around 88.9.

The tsunami that hit the market did affect the ETFs mentioned in this blog, namely TLT, GLD, USO and PBW although in different ways as could be expected.

Let's start with the one that drowned (so to speak) in the turmoil: PBW, shown above (click to enlarge). After breaking above its 200-day simple moving average on 2/14, it kept going up, even surpassing an important previous resistance at 19 on 2/26 paving the way to greater things. Then 2/27 happened and a total collapse took place where all previous resistance points that should have acted as support caved in. I did not give any exit points in my previous entry regarding this PBW position and I apologize for that. However (and that is no excuse) my retrospective exit point is about where the ETF is trading now, a little above 18. So anybody still long the stock and open to the possibility that the 2/27 implosion was but an anomaly and will be quickly reversed, should put a sell stop below 18 and wait and see. For the record, I'm as of now 100% agnostic regarding the fate of both PBW and the market as a whole.