Markets did a nice gap up early ,, right back up and touched my intersection of 2 trendlines on dow jones at around 12.500 ,, made a little overshoot of it and came back and closed below the resistances ,, which is usually a very nice sign of reversal.
So far its hard to say , but we did NOT touch 12.500 on Tuesday the 1st January ,, which was my top target for dow jones at 12.500,, but on Tuesday this week we actually reached this target + many other things.
All in all ,, we had some great and round numbers yesterday:
- COMPQ 2700
- SPX near 1300
- VXX at 30
- VIX at 20
- DOW JONES at 12.500
All pretty numbers yesterday ,, you need to remember that many times major tops and bottoms often goes with specific round numbers.
Again I would say 12.500 were the PERFECT spot for a major top yesterday to form,, and we hit that level ,, I will show you the chart.
Conclusion:
So all in all you should imo short as much as you can at those levels - I said it before,, and the markets has really not got any higher than it was last week -- but I really think its an amazing shorting opportunity for swing traders. People should know early February imo why I'm sayin this....
Still heavy long TVIX and TZA ,, both underwater a bit ,, but no worries here ,, as I see it yesterday were a great place for a top in dow jones as it hit my target with the 2 trendlines perfectly drawn ,, which we came close to last Tuesday ,, but did not hit,, on Tuesday the 10th we hit both lines to the penny !
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