TODAY'S SPIN CYCLE
Went long ES today around mid-morning but bailed at breakeven 1/2 hour before the close due to the lack of impulsive bull pattern and also because the 30 minute V Stoch rolled over. Still like the long side at some point relatively soon but prudence said go to cash for now. The Buy line in the Buy/Sell Vindicator is bottoming which indicates bull capitulation and thus a setup for a rally.
I saw your BO come on and I was all primed to buy but couldn't get myself to press the buy button, maybe because I was upset at myself for not buying at the low of the day when my 1st signal came in, anyways, shortly after, a negative divergence formed on your 5 min chart.When your system sold, I also shorted via TZA.
ReplyDeleteDefinitely corrective action today, certainly no real bull conviction, so your short may turn out to be an excellent move.
ReplyDeleteWe got very close to hitting your "c" target overnight :)
ReplyDeleteYou were up early, or did you never get to bed? lol - yes, we hit the 1175 area, let's see what happens.
ReplyDeletemeant 1075
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