ETF CORNER

IAI : Brokers near resistance levels.

IAI : US bokers dealers settle at resistance.

With the news about Goldman reaching a settlement with the SEC, I figured it would be interesting to take a look at IAI (Broker Dealers ETF).

 

IAI : Target reached !

On April 19 th I made a projection (Click Here) on IAI (US Broker Dealers) suggesting a plunge down to the S2 support level near $25. As you can see,the target is now reached. Take some profits here...

 

SPY & IAI : Goldman Sucks !

Hello kids, welcome to ETF Corner ! I'm sure most of you are feeling a bit  better about this market after last Friday's selloff ! How about we start the week with  IAI (US Brokers) since it has GS as it's major weighting in the index ! IAI had stalled at the .382 retracement level in October 2009. It has been rejected violently once more last Friday near the same levels yet again ! It seems tome that not only Goldman Sucks, but it also looks like IAI will have to go down to S2 in the longer term below $25 before any significant rally attempt :

The S&P is opening in about 30 minutes, everyone is expecting a sort of bounce near SPY $120, thanks to brave dip buyers, before loading on more shorts.  Remember that in late January we had a similar breakdown and we could have expected a bounce to SPY $113 before a fall as shows the black arrow, but we actually did not ! We grinded lower and bounced much lower than anyone would have thought :

The obvious pattern these next few days is shown on the chart below with the black arrow. It doubt the markets would behave in such a predictable way . We shall see ! Drop me your thoughts in the comments section ! Let's rock !