I want to be bullish but can’t. Not until we fill this gap and become even a little oversold as registered by The PPT. I went long TZA today, expecting bearish trading through the day to sell out of by the end of the day. Stupidly, I added through the day and now have a way overlarge position that I am extremely uncomfortable with, as overnight moves can happen for seemingly no reason. I’m still holding GMXR and RBCN, both of which look like crap but can reverse hard upon any market move up.

In other news, TLT freaked me out today (hence my TZA trade). Today, the treasury auction went incredibly well – too well. The 30 year auction was a record low yield. The chart is ramping up in a big way, potentially putting in a cup and handle (see below).

Additionally, IWM, QQQ, and SPY had MACD bearish crosses today. FXE did put in a doji today, which should help bulls. But my gut is telling my something is wrong here. Regardless, both the bulls and the bears had chances to seize the day. I guess the bears kind of did, but the damage should have been much worse.

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