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So are you going to sell??
I just can't do it... sorry, other people I watch are not in the sell camp yet. I may regret this... :(
This was a buy all day. Not sure what tomorrow will bring. The daily candle almost a bullish engulfing. Hard sell off at the end of the day. I wonder how much the gold margin increase by the CME helped to fuel this rally?
Really? I don't see it. If I just picked up a chart of TNA today, I would absolutely not want to short it at these levels. In fact, I'm seeing signs that the broader market may have found some support down here and I'm going to stick to my guns and claim that TNA will hit 50 by the end of Monday. In fact, I'm going to write about this in my blog post today.
Correction - HUGE Sell Off!
I don't know what's going on. TNA just flipped from 44.20 to 43.50 after the bell, which kills the sell signal and gives us another hold signal. I'm with you guys - it feels like we're going higher. I sold 20% of my longs at 45. I'm holding tight to the rest...for now.
My TNA says 44.36. Which data service are you using?
Still not sure what the closing price of TNA is. Now I'm seeing 44.15 to 44.38 depending on which site I'm on.
eSignal says that TNA closed at 44.15. In after hours, it then dropped to 43.40 at 16:12. Then in the following 2 minutes, it popped to 44.10. That move then retraced to 43.83 right now (16:29). Interactive Brokers agrees on that 43.83.I think we're just seeing gyrations from the overinflated VIX. I wouldn't put much significance to it.
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In September 2008, with the crisis in full power the sec made shorting financial stocks illegal. When the sec did this, they were unaware that fierce market sell-offs often end with short sellers covering their positions to lock in profits. With short sellers out of the market, the downturn became even fiercer. Most of the damage on the market came after the no-shorting rule went into effect. France just imposed a 15-day financial sector short selling ban with Belgium, Italy, and Spain about to fellow suit.(Spain already has) The U.S. has not banned yet but we are close. Selling has exhausted, so near term, we will have some upside but history speaks for itself, that with the ban of short selling market will only get worse. Be very nimble right now, market is setting up for chaos. For the first time in history, the Dow moved up and down by over 400 points today. Its getting very tipsy right now, the market is drunk and it appears based on technicals and historical data that we are getting ready for the big one.
Thanks for sharing this with us Chris.
Thanks, Chris, for the historic perspective.
Such a slow day. As much as I hate it, somewhat of a relief.