FirstAlert(tm) Daily 11/4/10: TLT Breaks Support
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- Technical Market Commentary -
November 4, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The iShares Barclays 20+ Year Treasury Bond (AMEX: TLT) has broken below important support after the Federal Reserve announced it would be purchasing $600 billion in securities over the next eight months.
TLT is now down at levels last seen in July, 2010.
There is important support at $97.07, the 50% retracement of the entire April to August rally. If broken, TLT will likely test $95.45, the 61.8% retracement support level.
A break and close below $95.45 would point to a test of the April lows.
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(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)
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