SC, you may be right and I have heard that before but again it's an instrument, just like a stock (to me a stock isn't really a company), so it's all about human psychology and how it plays into that instrument. From studying Dread's charts, I do think he has an edge. But my technical skills are lacking so who knows.
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.
SC, you may be right and I have heard that before but again it's an instrument, just like a stock (to me a stock isn't really a company), so it's all about human psychology and how it plays into that instrument. From studying Dread's charts, I do think he has an edge. But my technical skills are lacking so who knows.
Thank you Dread.
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.