Wednesday, November 16, 2011

Buy confirmed.

4:05pm: Buy was confirmed. Not a strong buy signal, but it should be good enough for a bounce over the next few days. A gap up tomorrow almost guarantees this trade will be profitable. A gap down? Well, not so good. But that's why it's best to keep some powder dry. Time will tell. Good evening!

3:41pm: Open 50% long position in TNA if SPY closes below 124.15. Currently 124.35, so we need a weak finish. Otherwise, hold tight on the sidelines as there will probably be more down side tomorrow, at least according to my system.

2 comments:

  1. Much like yesterday before the big late day sell-off, we are seeing VXX up while the $VIX down. That is bearish.

    On the other hand, we had a breakdown below the triangle which I think will suck in some bears before we blast higher. I'm short term bullish, but it may be just because I'm long and thinking wishfully.

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