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Since setting a swing high on March 19th, the ProShares UltraShort Lehman 20+ Bond Fund (TBT) has pulled back over the past two sessions and is nearing support of its 10-day MA. An undercut of the 10-day and/or 20-day moving averages could present a buying opportunity in TBT. We will be watching for a reversal candle to form near either of these two moving averages, as a signal for a potential pullback long entry.

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Over the past three weeks the iShares MSCI All Peru Capped Index (EPU) has been consolidating in a tight range as it has set a sequence of higher lows. Yesterday, EPU formed a big reversal candle as it undercut the 20-day EMA but managed to recover and close in the upper 25% of its intraday range. A volume fueled move above the two day high of $44.88 could provide a buying opportunity in EPU. We are placing EPU on the watchlist. Trade details are provided for our subscribers in the watchlist section of the newsletter.

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Since testing its 50-day MA on March 12th, the iShares MSCI Brazil Index Fund (EWZ) has been consolidating in a pennant like formation at its 20-day EMA. A move above the seven day high of $68.30 could provide a buying opportunity in this ETF. We are adding EWZ to the watchlist. Trade details can be found in the watchlist segment of the newsletter.

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Since September of 2011, the ProShares UltraShort 20+ Year Treasury (TBT) has found support at, and has been consolidating in a tight trading range between $17.80 and $19.90. Yesterday, on a burst of volume, TBT closed above the $19.90 mark for the first time since December of last year. If TBT can clear the December 1, 2011 high of $20.15, it could present a buying opportunity. We are monitoring this setup closely for a potential long entry.

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Over the past six weeks the SPDR S&P Bank ETF (KBE) has tested resistance near $22.60 on three separate occasions. Since testing support at the 50-day MA on March 6th, KBE has rallied to reclaim its 10-day and 20-day moving averages. A move above the two day high of $22.62 would be the fourth test of this key resistance level and could result in a buying opportunity in KBE.

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