Thursday, May 2, 2013

ZB support levels

Well, the "breakdown" yesterday worked out gangbusters...NOT! Market rebounded huge today. However, key things to note are that while IWM sold off on 140 million shares or so, its rebound today was on less than 40 million. That kind of high volume selling, and a lower volume rebound, has to be a sell side setup, right? Lets see how it goes.

Anyway, putting up a chart here of ZB. Looks like it has support at 149 '05 and 149 '02, and we have some bearish odds overnight because of a gap up + end up day today.

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