Markets did a nice gap up yesterday but bulls were pretty weak to hold this gap up - and we got ANOTHER day ... just hoovering around the trendline of backtest with a test of SPX 1120 area..........
Either way... still believe it is a backtest before run as we have a clear double bottom in both TNA and QQQ.
I wanna say that Im holding all my TNA position ...as I did not panic out on the "double bottom". My thesis tells me that we should be running higher into meeting on Friday and right now XLF has a 60min bullish MACD divergence + TRAN index having a 60 min bullish MACD divergence with a lower low in place...
Question is if we can start to rally this time for real... and the timing would be best if we began the rally from today until Friday in "hope" of some good news from bennie.....
Either way - I'm only going to hold my TNA position for the next days into meeting and if bulls are not strong enough to push us a lot higher Im going to bail out - but I will give them the next days to see what happends.
Oil is supposed to make a huge move this week with Libya in the news... right now it looks like a move to the upside though.... as weekly and daily charts is on a "buy" signal - not confirmed however.
Conclusion:
Bullish 60min divergences in charts , which is good for a short term rally.....
Holding all my TNA swing trade and will give bulls the next days into meeting at Jackson Hole to see if shorts gonna cover some and new buyers will step in.....
SPX still above support 1120
QQQ still above support 50
IWM still above support 65
Remember to join us at http://premium.nwatrading.com/ we really killed it yesterday with puts in BAC and GS before the move down !
Have a nice day
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