Market view

Markets did decline for the 6th day in a row - amazing and long time I have seen that.

Actually I bought some TNA (trading shares yesterday at 72.15) just to play a possible bounce setup near term as I believe we are in the perfect spot for a bounce now.

I dont think the bounce will be big - my upside targets is first 1290-1295 and if we breakout higher today - then I see 1315-1320 as the next spot. Overall I think the decline is NOT done , and overall we should head down to 1250 or lower after this bounce... so therefore I hold all my TZA from 34.5 with the upside target of 45 before selling any right now.

So what do I think now ? - Still short and the bears still have control - but we really need the "bounce" soon and everything at me telling me we SHOULD have a bounce...

I'm going to sell my trading shares TNA on the bounce if we reach 1290-1295 just to take the short term profits.

UUP (Dollar got a bullish daily buy signal yesterday too)

SPX did reach 1278 which is a fib support from march lows - so perfect spot for a bounce too...

Those bulls who has been buying dips over last weeks have really been screwed big time as we havent got a bounce - and you see you should not try to be a perma bull or perma bear but play both sides when its time. Thats why I can change my opinion 100% upside down if charts tells me so - cause I just read what the charts are telling me.

So my outlook is a bounce - then further down over next 1 week...

Have a nice day