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$SPX 60 Day, 60 Minute
My shorts did decently today on a low volume pullback. To be quite honest, if that was a corrective movement, that was what I was looking for the get into UYM and TNA. I did not, however, like the prices of these ETFs today, thus I did not buy into them. Instead, I dipped into TZA at $52.03. A tiny position it is, I'm now getting my timing correct while preparing for a total market sell off. Don't think you're out of the woods: it'll be around the corner before you know it.
The Market Trading Grid hasn't really shown me much, other than the direction of the inverses which I can play accordingly in order to trade regular names. The winner of $UVOL vs. $DVOL was $DVOL, 5 to 1 in comparison to $UVOL. As I said above, the volume wasn't the greatest, and today may very well have been a corrective movement.
My targets right now include the following:
- TNA @ $15.63 with a break below Support #1 (from the chart last night) and the 50 SMA.
- UYM @ $12.16 with a restest of Support #1 and a possible push off of the upward trend line.
- PCX around $3.60 off of a double top price pattern and a light distribution within its volume.
- ERX to hold its 50 SMA. Watch for a volume indication as to where the price is going with ERX!!
Other than that, I have nothing more to tell you. If I wanted to, I could tell you about how dangerous the PPIP is, but I'd rather leave that to the idiots calling the market bottom. Talk it up morons, show us your muscles, and go make your clients 10% of the 70% you lost them.
Sleep well to all.
ZM
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