I am still holding a piece of a TZA long (triple bearish ETF for the small caps in the Russell 2000 Index) which I initiated inside the 12631 Trading Service last week. After scaling some gains on Friday, I am debating whether to add back to or lock in the final piece, or perhaps leave it on and let it run.
This morning’s failed bounce illustrates that sellers are lurking into rallies, even though the market is indeed oversold. Still, if the bounce trade is crowded then the pain trade is lower.
Conjecture aside, I am keying off the 30-minute IWM chart. You can see the bear flag rollover threat today. However, we are back to Friday’s lows where buyers tried to step in.
So, if they present themselves again today with force I will take off the TZA and reassess.
Other than that I am in heavy cash and waiting for better trading setups.
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Chess
CL looks good to go?
Colgate?
Colgate
Maybe a quick bounce but looks broken.
Or crude?
reentered TZA this morning. plan to add if it 17.2 or today highs. che ne pensi ? BUT BUT market oversold….
keeping an eye on AA and RFMD
and CRY
Letting mine run
ChessNwine how does GILD look here?
Best of its sector.
I know its Hemmingway but man does that look like Rob Reiner. How do you like the look of coal here Chess?
YZC the sleeper coal name here
Hey Chess, what do you think about feye?
thanks!
Neutral