Not much has changed from an indicator standpoint on the hourly charts ... everything looks overbought for the near term. If you took a short position with TZA in the last few days you should have been stopped out with a very small loss.
I think we are going to get a push up here in price without the minor correction. The green line has almost reached the top of the cycle (remember this can stay overbought) ... and money flow has turned back up. Today we had $2.2 billion of inflow in the broader market with a 70% up volume day on the NYSE. We did have an accumulation day for stock with price increasing and volume was higher than yesterday. This is a positive. One item I did not like was the last minute sell off for stocks today.
Its all going to come down to the dollar. If the dollar moves up ... we should see a limited price move in stocks ... if the dollar moves down ... then hello 10,000 for the Dow.
Not much has changed from an indicator standpoint on the hourly charts ... everything looks overbought for the near term. If you took a short position with TZA in the last few days you should have been stopped out with a very small loss.
I think we are going to get a push up here in price without the minor correction. The green line has almost reached the top of the cycle (remember this can stay overbought) ... and money flow has turned back up. Today we had $2.2 billion of inflow in the broader market with a 70% up volume day on the NYSE. We did have an accumulation day for stock with price increasing and volume was higher than yesterday. This is a positive. One item I did not like was the last minute sell off for stocks today.
Its all going to come down to the dollar. If the dollar moves up ... we should see a limited price move in stocks ... if the dollar moves down ... then hello 10,000 for the Dow. 
Posts
No comments:
Post a Comment