A couple days back I suggested that $RUT/IWM would bounce 1% off the 50 day MA (62.19 for IWM), and that it would yield a 3% scalp with TNA. My numbers show that a TNA buy at 42.05 (10:02 am), sell at 43.31 (at the 2pm surge) would fulfill that condition. Sounds like you took the trade. Congrats.
The previous (TZA) BUY-IF signal is null and void. We allowed two days for the confirmation of the bullish pattern and market denied confirmation. None of the three bullish conditions were realized.
It is now time to wait for the next signal. Meanwhile, either stay at cash or check the other stocks. Do not bother with buying or short selling this stock as long as the WAIT tag stays.
(I really like this site. Look forward to a real buy signal.)
We are in a New Moon Trade (favors TZA). [ After eight days, this trade is DOWN 10.2% ]
Volume today for TZA was 2nd highest in the past 8 days.
$RVX (VIX for $RUT) open 7.3% higher and closed 1.9% lower.
TZA was down today and down in 11 of the past 12 days.
Ultimate Oscillator dropped from 34.5 to 31.5 while TZA fell slightly.
Bollinger Bands for $RVX (VIX for $RUT): the gap up touched the mid line and fell hard lower making a long red candle. Perhaps (not at all clear) that means $RVX will drop tomorrow, which would be bad for TZA.
Bollinger Bands for $RUT: $RUT gapped down, touched the 50 Day moving average, then recovered completely. Stayed midway between the top Bollinger band and the mid line. Looked like horizontal action. $RUT looks like it’s slowly falling from its peak, which seems good for TZA, a little.
http://www.americanbulls.com had TZA this morning as an unconfirmed buy. As I read it, the TZA buy signal was forcefully rejected today — pretty much needed a white candlestick after the opening gap up, and got the opposite of that. So, what appeared two days ago to be a TZA buy signal was actually a false alarm.
Overall, it looks like TZA is moving horizontally, neither up nor down.
True, perhaps hold a core long position then! Here is my take. Does this look like July? Yes, it does. But we have rallied 70% from the lows and the dollar euro action is unusual. Volume is also higher. So July and now look a little different to me. Also, as of yesterday we were below the zero line on the MACD which signals a trend change. Also, most of the worlds markets have formed a topping pattern and are starting to come down. Who knows though. So may people calling for a rally to 1250 and i am sure they know better than I do!
Dreadwin,
Nice call 🙂
Never so sure about it, though, in the middle of it 🙂
A couple days back I suggested that $RUT/IWM would bounce 1% off the 50 day MA (62.19 for IWM), and that it would yield a 3% scalp with TNA. My numbers show that a TNA buy at 42.05 (10:02 am), sell at 43.31 (at the 2pm surge) would fulfill that condition. Sounds like you took the trade. Congrats.
Great, I get fantastic technical analysis and you get compliments. Good trade in my book!
Pardon the fundementals …..BUT
One analyst/trader on forex TV is looking for a negative revision for 4th quarter GDP comes out fri 8:30am, which he says will be neg for stocks.
Ramsey Bilbiesi tues 2/23 4:43PM
http://www.forextv.com/Forex/Video/Video.jsp?ch…
skip to about 5min 50sec on the
This is consistant with an early pop (Pre 8:30am est) than a sell off in stocks.
I really enjoy the feedback 🙂
Official word from http://www.americanbulls.com on the TZA buy signal from 2 days ago:
The previous (TZA) BUY-IF signal is null and void. We allowed two days for the confirmation of the bullish pattern and market denied confirmation. None of the three bullish conditions were realized.
It is now time to wait for the next signal. Meanwhile, either stay at cash or check the other stocks. Do not bother with buying or short selling this stock as long as the WAIT tag stays.
(I really like this site. Look forward to a real buy signal.)
Thank you Earl! Love your recaps.
TZA gapped up 4% and closed down 0.2% today.
We are in a New Moon Trade (favors TZA).
[ After eight days, this trade is DOWN 10.2% ]
Volume today for TZA was 2nd highest in the past 8 days.
$RVX (VIX for $RUT) open 7.3% higher and closed 1.9% lower.
TZA was down today and down in 11 of the past 12 days.
Ultimate Oscillator dropped from 34.5 to 31.5 while TZA fell slightly.
Bollinger Bands for $RVX (VIX for $RUT): the gap up touched the mid line and fell hard lower making a long red candle. Perhaps (not at all clear) that means $RVX will drop tomorrow, which would be bad for TZA.
Bollinger Bands for $RUT: $RUT gapped down, touched the 50 Day moving average, then recovered completely. Stayed midway between the top Bollinger band and the mid line. Looked like horizontal action. $RUT looks like it’s slowly falling from its peak, which seems good for TZA, a little.
http://www.americanbulls.com had TZA this morning as an unconfirmed buy. As I read it, the TZA buy signal was forcefully rejected today — pretty much needed a white candlestick after the opening gap up, and got the opposite of that. So, what appeared two days ago to be a TZA buy signal was actually a false alarm.
Overall, it looks like TZA is moving horizontally, neither up nor down.
If we are headed down, it could still take a while to form a topping pattern. I just pray we don't go sideways for the next 2 years!
True, perhaps hold a core long position then! Here is my take. Does this look like July? Yes, it does. But we have rallied 70% from the lows and the dollar euro action is unusual. Volume is also higher. So July and now look a little different to me. Also, as of yesterday we were below the zero line on the MACD which signals a trend change. Also, most of the worlds markets have formed a topping pattern and are starting to come down. Who knows though. So may people calling for a rally to 1250 and i am sure they know better than I do!