The hourly chart shows clearly the sell off that occurred in the last hour of trading. All indicators including money flow were rolling over or were about to rollover ... it should have been expected. We may see some weakness early ... but based on money it has cycled back to the bottom so we may see strength a little later on during the day or on Friday.
Money flow and all the indicators are about to head back down on the daily chart. This is not a time in my opinion to enter into long positions ... I would want to wait until the money flow at least has cycled back to the bottom again. Today we did have a cash outflow on the broader market and it was an 80% down volume day.
The dollar was up today ... but one thing I did not like ... it made a new intra day low. This run lower on the dollar may not be over just yet. I still say if you feel up to it ... now would be the time to short the market with TZA. I would keep my stops tight around the $10.75 to $10.85 area.
The hourly chart shows clearly the sell off that occurred in the last hour of trading. All indicators including money flow were rolling over or were about to rollover ... it should have been expected. We may see some weakness early ... but based on money it has cycled back to the bottom so we may see strength a little later on during the day or on Friday.
Money flow and all the indicators are about to head back down on the daily chart. This is not a time in my opinion to enter into long positions ... I would want to wait until the money flow at least has cycled back to the bottom again. Today we did have a cash outflow on the broader market and it was an 80% down volume day.
The dollar was up today ... but one thing I did not like ... it made a new intra day low. This run lower on the dollar may not be over just yet. I still say if you feel up to it ... now would be the time to short the market with TZA. I would keep my stops tight around the $10.75 to $10.85 area.
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