Well we got a very nice rally yesterday and we touched the big resistance line in the QQQQ near 46 (we actually came to 45.96), so if we are going to have a move ABOVE the QQQQ I am going to cover my shorts ( same level for SPX is above 1100 area ). I was very close yesterday to cover my shorts, but late at the day we got a nice plunge cause of GS. Lets see today we are going to have bank stress test results, markets already expecting good results so I think we could plunge big on these results. If we get a follow through today in markets I will cover my shorts and if we tank I am expecting a very big tank from here....We really had some wild swings lately, +200 , - 200 , + 200 which is also normal in earning season week. We dont have any big earnings anymore, so I cant see many more catalysts near term for a big rally. But again I am only watching my charts and if they tell me we rally I' going to cover. The TZA have a bullish divergence on 15 min chart. We will see today, not much economic numbers , so we could rally, but time will tell. Its either do or die in the markets here..
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