Bullish Power Bars – 042611

We are still in bull mode here in the market as April quickly comes to an end.

Here’s a chart of the e-mini NASDAQ futures for the June contract. Note how price followed the trend line down until we had the power bar explosion off of the trendline just a few days ago. You do not want to short stocks, equities, or ETF’s that show these characteristics. Don’t mess with the power bar. Technically this is the fifth day up for this move, so I’m guessing it could go for a couple of more days before we see a stall.  I am still riding the long position in the 3X Russell 2000 long ETF, symbol TNA.

With the price deterioration of these type of ETF’s, selling short TZA would also be a way to play it.