Daily Minute with Mike Paulenoff for April 5

Popular Articles

By Mike Paulenoff | Published 04/5/2006 | Stocks | Unrated

Daily Minute with Mike Paulenoff for April 5

Today's upside acceleration in the XLE (Energy Select Spdr) to new recovery rally highs at 55.98 (so far) also has hurdled prior rally peaks from 4/03 and 3/30, and has triggered stops that also has contributed to driving the energy ETF higher this AM. My next optimal target zone is 56.30/60, where my work argues that profits should be taken, and long positions scaled in half. My next higher target is 57.00/20. Only a decline that reverses today's upside breakout and takes out 55.11 will neutralize my still bullish outlook.

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.

It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.