Summary: The candles today cancelled the possible buy and possible sell of yesterday.
TNA is a HOLD (wait for a possible SELL-IF signal after the close on Monday, for a possible sell at some point Tuesday). Today was a White Candlestick, indicating a normal up day. TNA is now up 40% since the buy signal on Feb 9th. TNA was $36.69 at the time, and closed today at $51.50
TZA is a WAIT (wait for a possible BUY-IF signal after the close on Monday, for a possible buy at some point Tuesday). Today was a Black Candlestick, indicating a normal down day. TZA is now down 30% since the sell signal on Feb 9th. TZA was $11.04 at the time, and closed today at $7.70.
TNA gapped up for the 5th day in a row. Roughly half the gap filled, and then it was off to the races. The gap up was 1.8 % and TNA closed up 5.6%.
We are in a Full Moon Trade, which favors TNA. After five days, this trade is up 15.8%.
Volume for TNA had been trending down for 4 days, but was up today.
$RVX (VIX for $RUT) closed 6.4% lower with TNA up 5.6%.
TNA has been up 16 of the past 18 days.
The high for TNA today was $51.74, highest high since November of 2008
Ultimate Oscillator for TNA peaked at 78 nine trading days ago and has generally fallen since then but has remained above 50 and is currently 74. Indicating continued strength for TNA.
Bollinger Bands for $RVX (VIX for $RUT): today’s long black candle closed closer to the lower band and the lower Bollinger band is **off the chart** but seems to be falling. Hard to read, but looks like $RVX is falling again, good for TNA.
Bollinger Bands for $RUT: The long white candle for $RUT rose to meet the rising upper Bollinger Band, indicating that $RUT is aggressively rising. Good for TNA
Bollinger Bands for $RUT:$RVX ($RUT vs VIX for $RUT): today’s candle moved higher, closing at the rising upper band, in line with further upside for TNA.
The sooner we realize that the market will do what it wants and there is no point standing in front of a runaway train with boatload of drunken fools on it, the less stressful this business becomes. 🙂
When I first started in this business, my boss shared with me two things. 1. There is nothing sacred on Wall Street. People will sell their grandma down the river in a heartbeat. 2. There is no point in being dead right. If you stand infront of a runaway train, you will be right, but you will also be dead. Being dead right is not going to do you any good.
If you keep shorting a runaway market, eventually you will be right. But by then, you would have used up a large chunk of your capital, if not all of it. You would have little to capitalize on the eventual collapse.
If your calls are not working, it isnt b/c TA doesn't work or the market is manipulated. The fault is NOT external. It is most likely internal. You have to ask yourself what it is that you are missing. The market is always right. It isn't b/c TA doesn't work. It is the set of TA you used that is not working. Your job is to find out why and maybe even necessary to discard your old set of TA and acquire new tools. There is a reason for it, and it isnt b/c Goldman Sachs screwing with you. Goldman Sachs has always been screwing with us. That didnt just started recently.
A lot of the tools/patterns people use, are garbage. These garbage tools/patterns are garbage, b/c they suffer from N= too small, and degree of freedom being too low. People look at too small a data set and derive conclusions that fail miserably in real time application. Instead of finding the truth, they blame some external factors.
I am not saying this to make people feed bad for being caught on the wrong side of the market. I am saying it, in the hope that someone may find it useful. People didn't get trap on the wrong side of the market by accident. If anything, people CHOSE to be on the opposite side of the market intentionally.
Days like today are why I recommended Carl's site to you all. During an uptrend, he's really good.
27 points of /ES is $1350. Just sayin'.
The view from Americanbulls
Summary: The candles today cancelled the possible buy and possible sell of yesterday.
TNA is a HOLD (wait for a possible SELL-IF signal after the close on Monday, for a possible sell at some point Tuesday). Today was a White Candlestick, indicating a normal up day. TNA is now up 40% since the buy signal on Feb 9th. TNA was $36.69 at the time, and closed today at $51.50
TZA is a WAIT (wait for a possible BUY-IF signal after the close on Monday, for a possible buy at some point Tuesday). Today was a Black Candlestick, indicating a normal down day. TZA is now down 30% since the sell signal on Feb 9th. TZA was $11.04 at the time, and closed today at $7.70.
Dread, You think we are not there yet.
See other comment with chart.
Nice Post and good advice.
That's a strong case if I have heard one. NIce Work and great post.
Gcocks,
Couldn't find anything positive for TZA. Things could change on Monday, but everything I saw today looked good for TNA.
TNA gapped up for the 5th day in a row. Roughly half the gap filled, and then it was off to the races. The gap up was 1.8 % and TNA closed up 5.6%.
We are in a Full Moon Trade, which favors TNA.
After five days, this trade is up 15.8%.
Volume for TNA had been trending down for 4 days, but was up today.
$RVX (VIX for $RUT) closed 6.4% lower with TNA up 5.6%.
TNA has been up 16 of the past 18 days.
The high for TNA today was $51.74, highest high since November of 2008
Ultimate Oscillator for TNA peaked at 78 nine trading days ago and has generally fallen since then but has remained above 50 and is currently 74. Indicating continued strength for TNA.
Bollinger Bands for $RVX (VIX for $RUT): today’s long black candle closed closer to the lower band and the lower Bollinger band is **off the chart** but seems to be falling. Hard to read, but looks like $RVX is falling again, good for TNA.
Bollinger Bands for $RUT: The long white candle for $RUT rose to meet the rising upper Bollinger Band, indicating that $RUT is aggressively rising. Good for TNA
Bollinger Bands for $RUT:$RVX ($RUT vs VIX for $RUT): today’s candle moved higher, closing at the rising upper band, in line with further upside for TNA.
http://www.americanbulls.com had TNA as a BUY on Feb 9th, and hold since then. TNA remains a hold for tomorrow.
Overall, it looks like TNA continues to distance itself from any congestion and should continue rising tomorrow.
The sooner we realize that the market will do what it wants and there is no point standing in front of a runaway train with boatload of drunken fools on it, the less stressful this business becomes. 🙂
When I first started in this business, my boss shared with me two things. 1. There is nothing sacred on Wall Street. People will sell their grandma down the river in a heartbeat. 2. There is no point in being dead right. If you stand infront of a runaway train, you will be right, but you will also be dead. Being dead right is not going to do you any good.
If you keep shorting a runaway market, eventually you will be right. But by then, you would have used up a large chunk of your capital, if not all of it. You would have little to capitalize on the eventual collapse.
If your calls are not working, it isnt b/c TA doesn't work or the market is manipulated. The fault is NOT external. It is most likely internal. You have to ask yourself what it is that you are missing. The market is always right. It isn't b/c TA doesn't work. It is the set of TA you used that is not working. Your job is to find out why and maybe even necessary to discard your old set of TA and acquire new tools. There is a reason for it, and it isnt b/c Goldman Sachs screwing with you. Goldman Sachs has always been screwing with us. That didnt just started recently.
A lot of the tools/patterns people use, are garbage. These garbage tools/patterns are garbage, b/c they suffer from N= too small, and degree of freedom being too low. People look at too small a data set and derive conclusions that fail miserably in real time application. Instead of finding the truth, they blame some external factors.
I am not saying this to make people feed bad for being caught on the wrong side of the market. I am saying it, in the hope that someone may find it useful. People didn't get trap on the wrong side of the market by accident. If anything, people CHOSE to be on the opposite side of the market intentionally.
That's impressive.