Block out all the noise, and focus in on this setup. Do you really want to be short?
This has all the characteristics of a “BTFO” move:
Joined Jan 27, 2008
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Juicy.
indeud.
The Russell never lies.
Need guts to short TZA. Very uncomfortable feeling and probably that is why it will work
I have to go against ya on this one RC. The chart looks sweet, but we couldn’t get over 1131, Oil is down (shouldn’t it be going up?)most oscilators stretched….how does XLF look? Don’t get me wrong. I am short and not enjoying it but in my opinion we are just too stretched here to break 1130 …if QE2 or Bush Tax creds happen over the weekend, then this I am HOOOOOOPED! have a great weekend guys
Today does not count. Op ex day, nothing but trickery.
Unless we get some horrific news over the weekend, we will breakout.
oh….you mean like Ireland or something? 🙂 j/k
Oil has been sliding for a few days and I would add that the SPY goes ex-div today. The last time that happened we started down the day after..who knows….you killed the GOOG call
I too am of the mind few expect further strength after what happened last time we were up here. so I am looking for a break higher which may or may not last very long. $FAS $DNDN $JASO $SWC $KLIC $PWER and $UNG (yeah im craaayaazy!) were all bot by me either yest or today. I am frightened but will hold steady over the weekend.
I would agree with you, but August 5th seemed to have a similar set up. tight range after a gap up with last PPT rating overbought above 200 dayMA. Slow Stoch overbought and near upper bollinger band.
On the other hand we’ve recently made a higher low, and broken the recent downtrend, we may have a triangle breakout now and if we do break higher we would have a double bottom breakout.
So if market is no longer in a trading range, we certainly could break out and start trending upwards…
The other side is that we make a triple top from these levels and make a triple top and continue towards the price target made from the initial head and shoudlers.
If I had to trade, I would short RUT with a stop at 675 or lower and target of 605. A shorter term trade may be to the upside, using 200 day MA as the stop.
a shorter term trade may be to the upside using 200 day MA as stop. If you keep stop tight the trade to upside may work here.
LA LA LA LA LA I CANT HEAR YOU LA LA LA LA LA LA
(there there, you’re gonna be ok little TZA. Basel III is a scam.)
Ka-motherfucking-BOOM.
Good luck next week, finally getting my bearings and finding time to read up at college… Pieces falling into play, go kick some ass boss man.
BTFO setup:
EGHT
ragin, how do you like DECK’s chart right here? Looks very juicy to me…sym. triangle forming near the all-time high is what I see
Down we go
http://ibankcoin.com/rcblog/2010/08/24/would-you-buy-this-chart/
We all can’t be perfect like you. sorry.