TBT met our trade criterion, pulling back to 46.25, but it has so far failed to gain loft after tripping an entry signal at 47.43 that we let go by. Rather than buying at that price and applying a big, rules-based stop-loss at 46.24, we’ll attempt to limit our risk considerably by getting long at the ‘d’ target of the pullback from yesterday’s highs (see chart). It lies at 47.31, which is three cents beneath yesterday’s low. Bid for 200 shares, stop 47.16. _______ UPDATE: TBT opened on a huge gap down after trading no lower than 47.36 overnight. We were shut out of the trade, fortunately, but it remains to be seen whether the promising bullish impulse leg created with the 48.71 high achieved on February 27 will realize its potential above 50. Alternatively, it would take a breach of the 43.02 low made a month earlier to imply that the bull begun with 2009 is dead.