Mike Paulenoff remains very bullish on the TLT's for upside continuation to new highs.

The form of the decline for the S&P 500 and the glaring positive momentum divergence indicate that at the very least the pullback should be complete and, Mike Paulenoff believes, that a period of recovery should be forthcoming.

Mike Paulenoff expects the Gold ETF (GLD) to thrust to the upside that initiates a new upleg within the longer-term pattern off of the October, 2006 low.

Mike Paulenoff's technical work on the Home Builders ETF (XHB), sentiment, and the relatively strong action in Citigroup (C) today suggest that the worst names within the worst sector are about to recover.

The three-month pattern carved out by the Market Vectors Gold Miners ETF (GDX) has taken the form of a large top.

So far the QQQQ is following the 25 bps script, entering a correction on expected but disappointing news from the FOMC.

During the past three sessions, the Homebuilding Sector ETF (XHB) has broken and sustained above its 9-, 20- and 50-DMA, and has hurdled its May-December resistance line.

Unless or until the GLD breaks key coil support Mike Paulenoff's work argues that the overall pattern is bullish, and will resolve itself in a powerful thrust to the upside to new high territory.

Mike Paulenoff's near-term technical work in the US Natural Gas ETF (UNG) argues strongly that Monday's low followed by Tuesday's successful retest --followed by today's strength -- are indicative of a meaningful upturn.

The QQQQ exhibits a very bullish profile and the pattern argues for a run at last Friday's high.