I posted a chart, with notes on what I expect to see. If this is a bottom, you'll have another chance to buy TZA under 6.80 by the end of the day on Thursday.
March 30 close: Today appeared to be bad for the bears, on the surface. But underneath, the bear case got stronger. Wide spread distribution has occured under the radar. What is needed is more stocks to breakdown. Barring any reversal, that is the direction the market is sliding toward.
Action: If long, hedge or get out. If short, hold tight.
TNA remains a WAIT (wait for some kind of buy signal). The sell was at $55.61. TNA closed today at $55.89, up 0.5% since the sale. The candlestick today was the same as yesterday: a White Spinning Top Candlestick (complete indecision between Bulls and Bears).
TZA remains a HOLD. The buy price was $7.04. TZA closed today at $6.99, down 0.72% since the buy. The candlestick today was a Black Spinning Top Candlestick (complete indecision between Bulls and Bears).
Two recent TZA Buy signals have failed and may perhaps serve as a warning: Buy at $7.33, sell at $7.14 Buy at $7.11, sell at $7.05 Buy at $7.04, now down 0.72%
For that matter, recent TNA Buy signals have also been uninspiring: Buy at $55.36, sell at $55.43 Buy at $55.69, sell at $55.63
Summary of $RUT based ETFs & a few popular ETFs (Market positive): Confirmed BUY: UWM(2x), DIA, QQQQ Not very reliable BUY-IF (2nd day): URE(2x), IYR(1x) Wait: DRV (-3x), SRS(-2x) Highly reliable BUY-IF (2nd day): SPY Hold: IWM(1x), DRN(3x)
Market Negative (no change from yesterday): Wait: TNA (3x) Hold: RWM (-1x), TWM (-2x), TZA (-3x)
Comment: more market positive than yesterday Action for tomorrow: none
Original comment: Bullshit
Revised comment: Thanks for sharing.
My opinion is that chart pattern analysis on leveraged instruments does not yield useful information.
Dreadwin,
Nice Chart.
50% Fails. 3 of the last 4 failed.
Makes me a bit nervous trying to get on the right side of it.
Didn't look like I missed anything today… again. Glad I'm still in cash now, what little I have left.
I posted a chart, with notes on what I expect to see. If this is a bottom, you'll have another chance to buy TZA under 6.80 by the end of the day on Thursday.
March 30 close: Today appeared to be bad for the bears, on the surface. But underneath, the bear case got stronger. Wide spread distribution has occured under the radar. What is needed is more stocks to breakdown. Barring any reversal, that is the direction the market is sliding toward.
Action: If long, hedge or get out. If short, hold tight.
My thoughts on TZA:
http://www.screencast.com/users/dreadwin/folder…
If the pattern holds, there will be a retest of the recent lows before a reversal in TZA.
Dreadwin,
I agree. Looks fuzzy for tomorrow. The last two days, I played the morning gap fill. I guess I will be looking to do that again tomorrow.
The Daily view from Americanbulls
TNA remains a WAIT (wait for some kind of buy signal). The sell was at $55.61. TNA closed today at $55.89, up 0.5% since the sale. The candlestick today was the same as yesterday: a White Spinning Top Candlestick (complete indecision between Bulls and Bears).
TZA remains a HOLD. The buy price was $7.04. TZA closed today at $6.99, down 0.72% since the buy. The candlestick today was a Black Spinning Top Candlestick (complete indecision between Bulls and Bears).
Two recent TZA Buy signals have failed and may perhaps serve as a warning:
Buy at $7.33, sell at $7.14
Buy at $7.11, sell at $7.05
Buy at $7.04, now down 0.72%
For that matter, recent TNA Buy signals have also been uninspiring:
Buy at $55.36, sell at $55.43
Buy at $55.69, sell at $55.63
Summary of $RUT based ETFs & a few popular ETFs (Market positive):
Confirmed BUY: UWM(2x), DIA, QQQQ
Not very reliable BUY-IF (2nd day): URE(2x), IYR(1x)
Wait: DRV (-3x), SRS(-2x)
Highly reliable BUY-IF (2nd day): SPY
Hold: IWM(1x), DRN(3x)
Market Negative (no change from yesterday):
Wait: TNA (3x)
Hold: RWM (-1x), TWM (-2x), TZA (-3x)
Comment: more market positive than yesterday
Action for tomorrow: none
Some things matter, and some things don't.