I was too enthralled with my new intraday trading system to look at the inverse ETF’s. Actually I didn’t have a shot at even buying them as I blew all my available capital this morning trading these little piker stocks like JBLU, PCR, LEN (only real winner today), NYX, SWKS, and TBSI.

This is where the action was today.

Its sad to see this after the fact .

Some good news was that I got out of YGE perfectly saving myself a 20% headache today. Well we hit 21d ma’s on practically every stock and every index. I’m not sure the market is done here. It seems like we need to close the week out on the highs at some point. Not only that, but today’s action is technical, but made people feel like it wasn’t due to the size of the move. The market needs to find footing tomorrow to save the technical picture.

One encouraging item is that the market closed on exact lows today and that often can bring a gap up or a reversal the next day. There are times though where a gap down selloff occurs, but more times it will reverse than not. I posted a chart about this pattern awhile back.

I’m looking for SPX 1050ish before this rally is even thought of as being over.

Thanks for reading

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