AAPL made some great earnings ,, but however markets struggled to gain a lot with futures right now only up 0.3% ,, so non affects on overall markets however the QQQ or NASDSAQ is hitting some interesting spots today....
Right now NASDASQ is at some very huge resistance from the yearly chart - yes a YEARLY trendline from 2008 highs.
I think this will be an extreme strong one to break and therefore I dont think we see techs go any higher from here.
So what is most likely is a gap up in the techs and then flush down this morning.
Dow jones and SPX is still below the top from 23th January this Monday ,, so time will tell how markets open , still anything can happend.
On the very short term chart especially on XLF I see a very bearish topping hs pattern which suggest markets actually will go DOWN today (Wednesday) so I really suspect if markets is gapping higher it would only be a little gap up on Apple earnings ,, but then a flush down.
XLF filled a gap yesterday + forming right shoulder in topping hs pattern 5 day chart.
Not much to say either than VIX is creeping higher from trendline and looks good to explode to upside ,, markets looks topped on Monday 23th January at SPY 132.25 so lets see how markets reacts to this.
My personal target for dow jones this year 2012 is 8000ish ,, so thats a near 4000-5000 points drop from current level... yes 4000-5000 ,, this is why I stay so bearish right now as I think this rally is a pure but violent BEAR MARKET RALLY.
Markets ended lower -0.2% so nothing big there. I'm sitting tight and having good patience with my short ETF's as someday they will rip higher that I'm pretty sure of and it should be very soon as the markets looks very topped on Monday 23th.
Lets see how the techs reacts to the yearly trendline from today.
Retail bulls are very stubborn trying to hold the market up. It appears to me big boys smart money have slowly been selling to retail investors. Trading volume continue to be so low price will eventually follow.
ReplyDeleteI'm down close to 30% TVIX and TZA combined but holding them tight. Fast movers will take mere couple days or so to recover so no panic here. Good luck!
Hope u right. Getting nervous. Down 25% on both TVIX and TZA and both of them trending lower. This rally has resemblance of 2011 rally. Big pop and big drop. But I dont wanna wait till the 3rd qtr., by then TZA and TVIX might have declined so much it wud be hard to break even.
ReplyDeletepritz, TVIX is a volatility play. It won't always necessarily move inversely to the market.
ReplyDeleteAnyways volatility is currently still very low.
Cheers