AI
Tuesday, October 18, 2011 6:31:45 PM
T1: As it turned out, I also have TZA positions. I had a straddle trade set up with GTC orders at both sides. My Larger TNA position closed, but I still have some TNA contracts to sell in the AM.
However, all of that last 1/2 hour threw out a number of questions. DO I buy back my TNA position? Looking at the RRC and a number of other indicators, that may it may be the case. The monthly charts below, of the S&P 500 index gives a clearer picture.
Although the Nasdaq is advancing strongly, the S&P 500 is stuck below its long-term trendline. Note the similarity to July-Aug of this year and March-May 2008 rally.
Breakout above 1250 would be a bullish sign, similar to the May 2008 breakout above 1400, but retreat below the former resistance level (1250) would give a strong bear warning.
Looking at a simple weekly chart and Collin Twiggs Monthly Below:
And here is Snoots Daily 30min chart, which I hope he doesn't mind me posting here, shows a STO oscillation and trend line that says we may go higher Wednesday.
Also watching the dollar's moves. That is also a critical factor, as it drives the market prices, as well as commodities. It was supposed to correct to $76.00. However, it only corrected to $76.60. So we may be seeing the market rise inverse to it completing its re-test completion.
EUR/USD
1.37331-1.37349 seems like a pivot point area.
Trend1, I know I stray outside the channel, and today was an example as to why, but your RRC's are a primary guide for most of my trades as you know.
My best regards,
btrain
However, all of that last 1/2 hour threw out a number of questions. DO I buy back my TNA position? Looking at the RRC and a number of other indicators, that may it may be the case. The monthly charts below, of the S&P 500 index gives a clearer picture.
Although the Nasdaq is advancing strongly, the S&P 500 is stuck below its long-term trendline. Note the similarity to July-Aug of this year and March-May 2008 rally.
Breakout above 1250 would be a bullish sign, similar to the May 2008 breakout above 1400, but retreat below the former resistance level (1250) would give a strong bear warning.
Looking at a simple weekly chart and Collin Twiggs Monthly Below:
And here is Snoots Daily 30min chart, which I hope he doesn't mind me posting here, shows a STO oscillation and trend line that says we may go higher Wednesday.
Also watching the dollar's moves. That is also a critical factor, as it drives the market prices, as well as commodities. It was supposed to correct to $76.00. However, it only corrected to $76.60. So we may be seeing the market rise inverse to it completing its re-test completion.
EUR/USD
1.37331-1.37349 seems like a pivot point area.
Trend1, I know I stray outside the channel, and today was an example as to why, but your RRC's are a primary guide for most of my trades as you know.
My best regards,
btrain
All of my posts are my own opinion. Always perform your own due diligence on every investment you are considering, or contact your licensed investment adviser.
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