Market view

Markets had an amazing rally yesterday and as I said , the bulls were in charge for the day...... well they were pretty much in charge all day long until last 30min where we sold off very hard.

SPX rallied a bit more than I expected and we got to 1200 (Thought a rally to 1180-1190) but again mkts closed down below 1190 again by close....

Either way I think the bulls chances are done here and the ones TZA I sold on Monday at 50$ I picked up yesterday again at 44's - so my average for my swing trade has been increased now from 43 to 44$ overall and as of yesterday I'm 100% invested in TZA again.

The reason for this is I think the bulls chances are soon done - and I would love to see a reversal on Thursday to the downside - and overall I think Friday this week could get NASTY..... where bears will claw back fast + Monday next week could be nasty too...

The VIX making a potential inverted hs pattern which targets 53$ area if this is true VIX is going for new highs......

With this markets should start a big drop soon and if I'm reading this right the markets could be on the edge of a cliff now to 1000-1050 on SPX.

I still believe SPX is going to 1000-1050 level next weeks (why I added 100% again in TZA) now 44$ average and under water for now...

I called the possible bounce/rally in markets since Monday why I took 50% off on TZA profits - now the bulls chances are done imho - and I see a fat sharp reversal from Friday this week.

In case bulls gives last push up today I'm not going to sell my shorts as I think a fat reversal will come soon.

Conclusion:

The ones TZA I sold at 50$ on Monday I got ALL back yesterday and average is now 44$ for a swing trade - a bit underwater right now but should be more than fine....

TZA could see 80 in case SPX goes to 1000-1050 and in my view the downside is huge from here in markets.

I would love to see a red day on Thursday ( reversal ) day and then blood in the streets on Friday.

Overall still good chances Greece will deffault - so if they do , gonna get ugly.

30min and 60min chart indicates of a RED day on Thursday too.....

I think oil also topped out and ready to plunge , still holding my short silver ZSL 11.85

Have a nice day and come by www.nwatrading.com we killed it also on upside this week.