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 decline expected has run its course. The distribution detected 2/19-2/22 (the basis for my VST bearish call on Mon) has bottomed on 2-23. Today's decline is not accompanied by more distribution. Accumulation is showing up, in tech stocks, small stocks, and foreign stocks.
If the accumulation continues, then the turn dates everyone is thinking of, is probably going to be turning up. We shall see when we get there. I am closing out my shorts, but not going long just yet. I like to see more evidence of accumulation. Usually you have one extra day of accumulation, before the move starts. But, as usual, this time it may be different.
If the market fails to reach the upper BB (S&P did not hit it yet) and then closes below the middle BB, than the odds favor a testing of the LOWER BB before we hit the upper again. This is bearish but depends on the close today.
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.
Carl sold his 2nd /ES unit at 1097.50 — all cash now
Out of TNA
Dreadwin,
Typing this as fast as I can before the market drops unexpectedly.
It looks like TNA is working.
Standard 5 second guarantee applies.
I have a close of 109.09 on the 10 minute chart for the 11:30 print. What does that imply?
I'm watching closely.
Early lows of the day seems to holding all around. So far.
Be careful with TNA today, $RUT is starting to catch up with $SPX on the downside.
The decline expected has run its course. The distribution detected 2/19-2/22 (the basis for my VST bearish call on Mon) has bottomed on 2-23. Today's decline is not accompanied by more distribution. Accumulation is showing up, in tech stocks, small stocks, and foreign stocks.
If the accumulation continues, then the turn dates everyone is thinking of, is probably going to be turning up. We shall see when we get there. I am closing out my shorts, but not going long just yet. I like to see more evidence of accumulation. Usually you have one extra day of accumulation, before the move starts. But, as usual, this time it may be different.
for those interested in the currency correlation
UUP Daily
http://www.flickr.com/photos/47091634@N04/43877…
I remember what Bollinger of the BB said.
If the market fails to reach the upper BB (S&P did not hit it yet) and then closes below the middle BB, than the odds favor a testing of the LOWER BB before we hit the upper again. This is bearish but depends on the close today.
Isn't this reasoning correct?