Volume yesterday was really weak and today was better but still tepid. As has been mentioned in recent posts, it's hard to see how any kind of rally can be sustained without participation. So if today we didn't see the end of the up move off yesterday's lows, it doesn't seem likely that any further rallying could have any durability.
The Trend/Osc system generated a buy signal in overnight action (3 AM) last night. However, it is close to generating a sell signal at the moment and might do so by tomorrow morning.
Al, Tony D. here. You nailed the EW count at Monday's bottom right on. I am full short right now via SPXU and TZA. Kind of seeing what you are seeing but have been wrong before so will bail out gradually if we trade higher. It would fool lots of people if we go down from here since mostly all blogs are long here including ultra bear Atilla.
ReplyDeleteTony- I'm looking for a likely spot to go short this AM
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