Market view

Markets did another minor sell off intraday but got back up again and closed flat and neutral.

As I said on my Fridays post - I am expecting a short term bottom very soon - therefore I took all my profits yesterday on TZA from 34.5 to 42's which had some pretty nice gains + I took my ZSL gains around 20% in last days....

I began to take a starter position yesterday in TNA at 68.9$ as I see a multiple bullish divergence on 60 min chart + I think a short term bottom is near.... there is a possibility markets may go down a little bit more over next days - but I will just add some more longs lower IF we get there. If you follow me on twitter you will get all these things live intraday.

My TZA target were 45 and there is still a possibility we get there next days - but overall I wont be greedy either and just be "locked in" on this target - and therefore better to lock in gains and miss the last run up. I've already got a lot since early June.

From what I see right now is 2 things:

1. We might have a good up day today - and then a big sell off tomorrow (Wednesday)
2. Depends if SPX breaks above 1294 or not - if we dont breakout above 1294 - I will probably take some gains in TNA and then watch out if we get a sell off Wednesday.
3. If we breakout 1294 I am going to hold all my TNA and probably add more to my position.

I have a multiple bullish divergence on my TNA which I had on my TZA when it was trading at 33-35 level - now just opposite and therefore I expect a good rally to come.

I also bought some small caps for swing plays.

So overall the conclusion is - got a good position in TNA 68.9 - IF we break 1294 soon I will hold - if we stay below 1294 I will probably sell my TNA from yesterday and wait out until wednesday to buy again - but EITHER way a SHORT TERM bottom should be in pretty soon and therefore it might be clever just to add to position lower as I see some good upside gains over next 2 weeks + window dressings + Greece bailout package + new IMF head comming before 30th June.

So overall time to play some long positions now - upside targets could be a backtest of broken trendline at SPX 1315-1320 and if we wanna go to extreme levels - then 1320-1330.

Have a nice day