Markets did another nice drop intraday yesterday and went all the way down to 1200 on SPX. As I saw some extreme bullish formations at that level - I took 50% profits on TZA at 41 from 36$ in just 2 single days - when the markets began to move higher over the day I saw more and more that the bullish pattern I saw would most likely play out - therefore I took rest of profits in 38-39 area in TZA where I got all out and actually did the opposite by buying TNA 39.5$ area for a potential swing play.
The thing is - its a bit risky play what I did , cause I dont have ANY KIND OF BUY SIGNALS YET - but if the bullish pattern I see plays out to the upside - then I will get buy signal and then all will be fine and then you should add more.
In case we see SPX break above 1223 area I think you should go long markets heavy as I think we will break above 1230 and potential run to 1275 to test the MA(200).
Conclusion:
All in all - took big profits in 2 days TZA , SOXS - and got into bull TNA 39.5 for a potential swing trade - hopefully we get a breakout soon if the bullish pattern I see plays out. I see a near perfect inverted hs pattern on indexes and on VIX a topping hs pattern which is bearish. IN CASE WE SELL OFF HARD or begin to sell off Friday I will stop out longs and move into shorts for the breakdown of 1200- but for now seems like we will breakout to upside.
Target in case we breakout is SPX 1275 and DOW JONES 12.000 - again as I said this may just be the pullback we were looking for as it does not have to be bigger than 30 SPX point from 1230 to 1200.
Hope you all make some big money - have been fantastic - if now join us in www.nwatrading.com we are making a killing every week in here both in small caps swing trades and investments.
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