The Dow rose 75 points, closing at 18,054. Volume was low again, coming in at 87 percent of the 10-day average. There were 115 new highs and 45 new lows.
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Not much changed yesterday. The low volume rally appeared to be part of the final portion of a retracement wave, which means that the current rally could end at any time now.
Because of this, I am starting to look for shorting opportunities now.
Like I said yesterday, I will be watching the shorter term bars now on inverse index ETFs like DXD and QID. IF they turn positive, I will start buying a ‘trial’ position.
I tried to do this late yesterday when the Dow was near its highs, but the indicators didn’t cooperate. So my strategy going into today remains the same.
I’m going to start with DXD on the 30s. If the indicators turn positive, I’m a buyer. I plan to hold these ‘trial’ positions and then watch for The Tide to turn negative. When it does, I’ll start getting aggressive.
Gold continues to show signs of trying to put in a bottom. Yesterday’s low on GLD stayed within the previous day’s Hammer low, so IF it can rally today, it would be a positive. The Money Flow indicator on GLD continues to show positive divergence.
Watching.
Watching.
That’s what I’m doing,
The Professor
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All of the commentary expressed in this site and any attachments are opinions of the author, subject to change, and provided for educational purposes only. Nothing in this commentary or any attachments should be considered as trading advice. Trading any financial instrument is RISKY and may result in loss of capital including loss of principal. Past performance is not indicative of future results. Always understand the RISK before you trade.
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All of the commentary expressed in this site and
any attachments are opinions of the author, subject to change, and provided for
educational purposes only. Nothing in this commentary or any attachments should
be considered as trading advice. Trading any financial instrument is RISKY and
may result in loss of capital including loss of principal. Past performance is
not indicative of future results. Always understand the RISK before you trade.
any attachments are opinions of the author, subject to change, and provided for
educational purposes only. Nothing in this commentary or any attachments should
be considered as trading advice. Trading any financial instrument is RISKY and
may result in loss of capital including loss of principal. Past performance is
not indicative of future results. Always understand the RISK before you trade.
