We're Going to Stay Onatopp Things

No one knows for sure whether Russia has just put in a meaningful bottom after essentially crashing in recent weeks. In these types of situations, it is usually better to have well-defined trading plans in lieu of boldly declaring a major bottom or instead that a prolonged crash will resume within short order. RUSL is sure to be on many traders' radars here, the triple-long Russia ETF (RUSS is the triple-short Russia ETF). RSX is the straight-up country ETF for Russia. And we are going to key off this one for technical analysis in lieu of the levered instruments. Specifically, should the RSX clear above the 20-period moving average on the 30-minute timeframe, below, and hold above it, then we would see a changing in character for the more bullish going back several weeks. The RSX has only momentarily held above the 20-period moving average on 30-minute chart, with the exception of December 3rd. Longs should likely use that level as a dividing line when inferring whether their trade is in good shape. Shorts, for that matter, can do that same. Many eyes are on Russia here, making the trade even tougher. One thing is for sure: With a clear trading plan you will stay target="_blank">Onatopp of things.