Thursday, September 9, 2010

New Short-Term Trade

The hourly chart of the major averages is now showing bearish divergence on MACD and RSI, after a short-term overbought reading last week.

Also the SPY chart has now closed an open window from 8/10-8/11. The associated gap is not yet filled, but in any case, this area could be resistance. So I am going to post a short-term bearish ETF trade here. At this stage I don't expect this rally to be completing here, but it seems due for a pullback.


New Blog Trade:

Buy TZA today with a market order. The current price is 31.47 which will be the blog entry price.

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