It's just too scary to go long, as when they finally decide to dump the market, you won't have time to get out. And, it's also scary to go short, as they can eat away your option as we grind higher or sideways.
Rough market right now… at least for swing traders. Day traders are fine, but trying to ride a trend just isn't in the cards right now.
From my previous charts, one lesson learned is that both $RVX and $RUT tend to respect the BB's. Since you're only 1% down on TZA, you have the luxury of patience.
For all the gyrations, we're (still) in a 20 point SPX trading range, right? Not much profit opportunity for either side, I think. Unless you're really good, and I'm probably not that good. Remember my $RVX trendline chart?
We're still on the trendline. Hopefully when I update it, I'll spell things better 🙂 My prediction for tomorrow is more sideways. There will be a chart later. Probably.
update 4:01
Operators closed IWM right on the red line in the above chart, to the penny @ 64.24.
Daily algos are net neutral with the close, an opening above 64.24 will trigger a whole new round of buying
It's just too scary to go long, as when they finally decide to dump the market, you won't have time to get out. And, it's also scary to go short, as they can eat away your option as we grind higher or sideways.
Rough market right now… at least for swing traders. Day traders are fine, but trying to ride a trend just isn't in the cards right now.
I just sent you an email.
That's the one 🙂
This graphic might be more appropriate then:
http://outdoors.webshots.com/photo/263648601001…
Dreadwin,
I'm not exactly down 1%.
I was underwater at the time when I sold my TZA a week ago. Now I have much of it back 43 cents cheaper.
I lost track of my cost basis. If anything, I have the luxury of being nervous 🙂
Great post Red – thank you. I think everyone is confused right now.
Also:
http://www.icanhasmotivation.com/patient-bear-w…
From my previous charts, one lesson learned is that both $RVX and $RUT tend to respect the BB's. Since you're only 1% down on TZA, you have the luxury of patience.
http://www.icanhasmotivation.com/patient-bear-w…
For all the gyrations, we're (still) in a 20 point SPX trading range, right? Not much profit opportunity for either side, I think. Unless you're really good, and I'm probably not that good. Remember my $RVX trendline chart?
http://www.screencast.com/users/dreadwin/folder…
We're still on the trendline. Hopefully when I update it, I'll spell things better 🙂 My prediction for tomorrow is more sideways. There will be a chart later. Probably.