Just fired up the computer - Ouch! - I had a feeling this would happen what with bullish July 1st seasonality and $85bil/mo POMO, but ya can't always trust or trade feelings. Both TZA and UVXY are taking a huge hit.
Systems were giving short signals a short while ago, but have reverted back to hold signals. Either way, all systems remain 100% short. I see no reason to deviate yet. My guess is a few more days of strength followed by significant weakness into the 2nd weak of July. We'll see. Take it easy. J
thanks
ReplyDeleteStarted to join you on this short (up into that 50DMA SP500), J... but leaving room to add up to at least 1652... the usual scale-in/out. My "no shorts for one month" (see my email from ~5/29) is now expired. Problem for the bears is that it's still seasonal favorable time for the usual summer rally... that should last to about July 11. After that, bulls should have tougher sledding.
ReplyDeleteThanks for your input JKH. Always look forward to your additional comments along with J's system.
ReplyDeleteTx, Joe.
DeleteBears have a slow-pitch here (up against the underside of the 50dma)... and the NYSE is up under a broken TL, too.... so, if they cannot convert on this in the next day or so, however, the bulls will take over again.
"followed by significant weakness into the 2nd weak [sic] of July."
ReplyDeleteFreudian slip?
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ReplyDelete