Well, we got another nice rally and now confirmed a new "uptrend" has most likely begun. I can't ignore the technical indicators and they were giving me a bullish MmM pattern on the MACD and we broke the recent highs 1099. My rule was to cover my shorts if QQQQ broke 46 and it DID break it, so I took a little loss. You really need to have money management to MINIMIZE the loss instead of sitting in a huge loss. I can always get back to short in higher levels on a better entry, so took the loss and actually bought some small caps as it looks like they are going to run hard next week. I got a position in "LNG" 2.75, "PRWT" 0.45, "RPC" 0.91 and "JTX" 1.05 which all looks like they are about to go. We broke the MA(200) on dow jones too which confirmed a breakout, but again I wanna remind you that stochastics is very near overbought and we could possible have a little pullback. In FAZ and TZA we have some bullish divergence on the 15 min chart indicating they may go short term, but trend should be up and looking by the daily chart I actually think we have good shot to touch our 61.6% fib retracement from the lows which is 1140 area. We have some overhead resistance 1113(MA200), 1131(previous top), 1140-1150. So my short term target for now is 1140 and I think we are going higher short term. If we get the pullback watch us to touch the trendline from the lows which should act as good support. But for now I got out 3/4 FAZ with small loss and still holding 1/4 just for "hedging" if markets should go down. Hope you still enjoy my blog have a nice weekend !
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