SDS and SRS were the two victims. Maybe I'll be the victim, who knows? I've got liberal stops. I do not expect this to be the "big turn". I have given in and will now be playing the market both ways following the 60m indicators which have been good tools all the way up that I have ignored for the most part. On the chart you'll see the throwover of the wedge I have (or it is touching the top of a channel not pictured here). If I am right, the pullback target is the red 875-871 trendline below or just above it at the 875 support line (roughly 30pts). STO, RSI and ROC appear to be ready. MACD just needs to cooperate. What bothers me is the charts for SDS and SRS don't look quite ready for the move. I prefer to trade on what the SPX is doing and not the individual 2x charts. Wish me luck.
I really wanted to..... but I'll see what's shakin' in the morning..... wicked t-storm just blew thru the area.... comin' your way... lol...
ReplyDeleteI totally agree on watching the other indicators (eg. the RSI & MACD have been like a coiled spring since mid March on the 60 min)went short just before the close yesterday. I do think we got a little more upside before it peaks around 910-940. The volume on yesterdays surge was not as high as previous accumulation days but the market may hold these levels for more than a few weeks too.
ReplyDeleteThat is imperative to trade the etfs based on what the related index is doing, but also watch the volume in the etfs as a guide too.
ReplyDeleteThat tears me up when I see someone charting an etf and basing a trade on that alone.
The etfs do not perform inline with the index close enough for that and will cause an error in judging the market.