The technical divergence I was waiting for the other day has now occurred with this morning's gap up to new highs on the payroll report. The gap has failed miserably this morning, and if stocks continue lower this afternoon a bearish engulfing at major resistance could be formed.
I hope to get a video up before the close today, but for now, here is a new trade recommendation:
Buy SDS with a limit order of 54.00. Current price is 53.80 which I will use for blog entry price. This is strictly a short-term trade. No changes on the BGZ trade yet.
Pete
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