Thursday, July 22, 2010

July 22 EOD Update

Short and sweet (or bitter... )

Rally today did cause a major dent in bear camp. But i really wouldn't give it 100 points yet. Since we are still more or less close to our entry prices or a barely negative, we did NOT close our positions yet. We will watch the next few days and see how it shapes up. 1105 is the key level we are watching. Well, 1100 is ahead of it. Unless we break through both and stay comfortably for at least 4 hours, we will continue to hold onto our shorts.

It was definitely a brutal day for shorts. But again, you just accept it and move on.

Here's the trade...

Monthly Trend - Down
Weekly Trend - Down
Daily Trend - Today it turned to neutral-to-bullish
Hourly Trend - extremely bullish with extreme overbought conditions with NO divergence created since we shot up from 1050's.

Since our time frames are NOT intraday or a few days, we will go with what the higher time frames are telling us.

Regardless, risk management is important and hence we won't fight the tape if things get nasty for the bears.

Also, i have been extremely busy lately and hence would be only updating if our stance changes.


Wednesday, July 21, 2010

Observation on SPX movement

A very simple chart with very simple notations.

There are two zones here... One before the plunge in early may and the one we are currently in.

Zone 1 is in BLUE and Zone 2 is marked in brown.

Similarity in pattern between zone 1 and zone 2 CANNOT be a coincidence. This chart is much more scarier than it looks. Chart pattern we are currently in, looks horrifically similar to what we saw before the early may decline that wiped out 210 points.

However what we see now is that the size of that consolidation/distribution has increased by almost 4 folds. And the coincidence just doesn't end there. The actual numbers too match up just fine...

2nd trough from zone 1
1218.26-1183.71 = ~2.8%

2nd trough from zone 2
1130.89-1014.39 = ~10.3% (~4 times)

3rd trough from zone 1
1208.57 - 1183.71 = ~2%

3rd trough from zone 2
1097.66 - 1014.39 = ~8.2% (~4 times)

4th trough from zone 1
1204 - 1188 = ~1.5%

4th trough from zone 2
1083.49 - 1062.13 = ~2% (~ the same)

Basically we have 2 exact troughs and one minor one which didn't even make it as much as the previous one.

What followed was a massive 210 points down. Does this mean we will get something like ~4X210 = 840 points down on SPX? That cannot and will NOT happen. Not at least practical. And since i am NOT a big proponent of "gloom and doom" and "crash theories", the only thing that i can say is that the above chart is too coincidental to be ignored. This suggests we are going to see BIG moves to the downside.

Now, whether this actually happens or not is a different story.

PS: The above article is NOT related to our investment/trading methodology and charting. It is merely an observation that was just too much to be ignored and hence i thought of putting it up for others to grab.


July 21 EOD Update

Breadth and Breadth. Guys, this is what i have been repeatedly stating for a while now. Market is a TOAST, Literally. What you are seeing is just exhuastion plays by MM's to chicken out as many as they can. If you were long or short in the last 3 weeks, you would have probably wiped out your account had you been trading heavily the 3X etf's. A/c wiping out in 3 weeks???

Yes, this is what they did. Nothing changed and as you can see from the above chart. All of the Trendlines are pretty much intact and doing pretty good. All those who were able to double down or add more shorts to their existing position, you were one of the extremely lucky folks i'd say. :-)

If you look at ANY 3X Bear ETF, you'd see that they are almost all in a HUGE consolidation within a tight range for the past 2 months. They are ALL ready to breakout. Once they do. I can almost guarantee you that they will DOUBLE within NO time and will actually consolidate at those prices before making any further moves.

Hold onto your precious shorts guys. You will be handsomely rewarded.

PS: Do NOT play options unless you know what you are dealing in. These whipsaws, ups/downs remove any profits that you would have otherwise had.


Breadth Trading - ONLY thing you would ever need

What is breadth trading?

If you just follow one single stock or a sector, it is extremely likely that you will be whipsawed. Because at any given point in time there will be "some" sector or "some stock" that is going against the entire market trend. Hence, to reduce further whipsaws, you should inculcate "breadth trading".

Instead of just following one stock or sector, follow the bullish/bearish signs across ALL the sectors. One single stock or sector can never move the entire market. It needs some company. Hence, the bottom line is that there ought to be at least 2-4 sectors that are "outperforming" other sectors.

How do you figure out breadth? You can always just monitor ALL the sectoral ETF's on a carpet. OR, you could use Bullish percentage index on

BP as it is referred, is a culmination of ALL the bullish Point and Figure charts for a specific sector/index.

For example, $BPSPX is S&P 500 Bullish percentage index. What that means is, it shows how many stocks in S&P 500 are showing bullish Point and figure charts. Point and figure charting is completely different from candlesticks and you can read more about it on itself. What we are trying to address here is "breadth".

If BP rises and continues to do so, it is undoubtedly a confirmation that the trend is UP. If BP is NOT rising or struggling hard, that literally means MORE stocks in that umbrella are broken beyond repair and are unable to reverse their course.

Always check BP for confirmation of whether a specific move is being supported by the entire market participants or not. Market markers can pump ES/futures/spy and move the market if they like, but if there is NO support behind them, then market will go nowhere but where the majority is.

Put it in simple terms. Just because you have the BEST soccer player in the world in your team doesn't mean you will always win. Why? At the end of the day you would need support from ALL the other players to make it happen. Likewise, just because one stock or sector makes new highs doesn't mean it will take the entire market to new highs.

Breadth trading is something that i learned the hard way. And am very comfortable sticking to it.

Very simple explanation of BP, can be found Here.


Tuesday, July 20, 2010

July 20 EOD Update

In all our earlier updates, we have been showing this inverse chart and stating how bearish things are. Today, we thought let us for once hear out our friend Bulls and use the Bullish case instead.

The above is a "go long" chart and is inverse to what we present all the time.

As you can see, we are just making lower highs and lower lows here. Indicators are mostly balanced out as there are divergences on both sides of the coin. Negative as well as positive.

Since today's action was "extreme", we do expect some sort of follow through tomorrow. But we still are sticking to our theory of 1000 and below before we even try any attempt at 1100. Stocks do NOT just rocket higher without first creating a) divergence and/or b) higher highs (if it were to move even higher).

In our case, we have NEITHER at this time. Hence, our case of 1000 and 950 still stays strong. Today was a "dream come true" for all those who either wanted to go short or were able to play the "massive" swing by closing shorts early in the day and then going short again at EOD. :-)

Not ignore the "bulls", most of our indicators have turned neutral now, as opposed to extremely bearish. What follows through in the coming days will dictate which way we end up.


Monday, July 19, 2010

July 19th EOD Update

Once again, a very lackluster day. Nothing really changed as you can see from the above chart. Still short and strong. All we did was cycle back some of the extreme oversold conditions on hourly charts. As you can see from the above chart, we even have not yet BEGUN diverging. Which means there is a Looooooooooooooong way to go (down that is).

Stay put. Unless something changes on the above chart, and explicitly stated on this blog, it is safe to assume we are still LONG all of our portfolio of ES short (1088), FAZ, DRV, SDS and TZA. All of them bought between 12 and 14th of July.

PS: Stay tuned guys, a BIG move is coming to the downside. We will take out 1000 and even 950 shortly.


Friday, July 16, 2010

How is our Indicator doing?

We have been SHORT since ES 1070 and 1098. Just browse through our blog and you will see each and every day we have been strongly advocating Shorting for the last 4 days. 12th morning is when we started shorting and are currently sitting on a neat profit on all of our holdings, namely, ES, FAZ, DRV, SDS and TZA.

Is this story over yet? Without going into the technicals or macro-economics, just simply look at the above chart. We are clearly making Higher Highs and Higher Lows on this chart. Which means we are going to make a lower low than what we recently did on SPX.

Also note that the PACE of this advance/decline has been on the rise. Look at the angle of the first higher high line and the second one. BOTH, the duration AND Pace has increased. This is owing to the underlying volatility.

Bottom line is, We are going to make a NEW high and that NEW high will probably be dictated by the upper TL from the recent high that is parallel to the new lower TL with higher degree.

Things will clear out sometime in the next 7-15 days.

PS: I see a lot of folks saying that we are oversold and that things just don't go straight in a line and that we will see some upside moves. Since i just go with the above chart, all the ups/downs is noise to us. Unless the above chart tells us, we don't trade otherwise. The above chart has successfully tracked the Last to up/down moves ranging from 7-10% moves.
Adding to the above. A great analogy is "Climbing Stairs". When you are climbing, it takes a whole lot of effort for you to climb up. Climbing down the stairs is always with lesser effort and MUCH faster. Likewise, for all those who believe that we won't go down faster, please at a minimum have Strict Stop loss in place.

Have a nice weekend

Thursday, July 15, 2010

Investing is nothing more than going to Las Vegas?

Yes, it is NOT just limited to US equity markets. I mean, what story could possibly fit in this chart? In just 3 trading sessions, investors thought an entire Japanese market was great place to park their hard earned money into. And within that timeframe itself, they decided to pull out of it???

And yes, this is NOT just one single stock with 1% move. This is an entire index we are talking about and that has risen nearly 3.5% and LOST ALL of it, within 2 trading sessions.

Welcome to the BIGGEST Ponzi scheme this world has ever seen.

How you trade in this kind of a market, go figure...

Did i mention. Nobody on this planet can trade this through any kind of study, fundamental/technical/TL's etc.

Good luck with that...

Captain America for the rescue... Yeehaa

What else can i say...

Just one thing...

If you are short... Continue to be. Check out "Our Chart". Nothing really changed. We just hit a minor resistance. We will continue our descent faster and sooner than anyone can think of.

Stay put.


Wednesday, July 14, 2010

How is our Indicator doing?

It's been a while we posted our indicator. This is the SAME indicator that suggested to go LONG on the 2nd july.

This SAME indicator is NOW clearly flashing SELL signals. As you know, this indicator is an Inverse and hence if it is a BUY, you short and vice versa.

As stated in our earlier post, we are either already in the next leg down or very close to beginning one. Looking at our divergence charts, we are now clearly in one. So, a confirmation is in place.

Divergence chart that we mentioned earlier is doing just great as you can see below. Pretty much self-explanatory.



Closed all of my earlier positions (SPY/FAS/DRN) yesterday before the close for a huge profit and went long with the shorties.

Looking good already.

Captain has turned on the seatbelt sign as lot of turbulence is expected in the next 2 weeks. Hold on tight. :-)


Tuesday, July 13, 2010

Commercial Hedgers expecting Market Crash?

OK, the title may be upsetting. But is it even remotely true?

If you look at the above chart. Commercial Hedgers are the players who invest big chunks of money into the market. Since early 2007 until late 2008, these players were quietly hedging against BIG drop. S&P dropped over 50% after that.

Late 2008/early 2009, these same players were un-hedging and their hedges were at the lowest level seen in a while. And what you saw was massive rally of nearly 80%+.

Since early 2010 you see that these same players are Hedging BIG time again. In fact we are very close to the same levels last seen just before the crash of 2008.

Does this indicate, we are about to fall off the cliff? Time will tell.


Current Scenario - Still short since ES 1070.5

Nothing really changed as you can see from the chart above, even with today's rally attempt. We in fact have even more confirmation on the next move down. A clear negative divergence. Also, if you see, spx is just trying to test the broken TL on the sub-chart above.
We either go down today or at most start the down cycle tomorrow.


Monday, July 12, 2010

SHORT ES 1070.5

Short /ES @ 1070.5 around 1055AM EST, 12th July 10.

Wednesday, July 7, 2010

How is our Indicator doing? - II

So there. I have been calling for a bottom since last week and eventually we see the RALLY today. Is this it? Hell No. We will definitely be down tomorrow after these overbought conditions. How much and for how long will depend on the moves tomorrow.

Does this mean, we are NOW in an uptrend.
Yes. For now, the uptrend has resumed. The above indicator will be updated with the latest. Be wary of the fact that this indicator has already gone into oversold zone and there is a potential that it reverses tomorrow and in the subsequent days.

For now, LONG is the right trade.

PS: There is a chance that we develop a solid positive divergence on the above chart and which means the market will tank even harder than it went up. However, there is NO such evidence right now though.

Friday, July 2, 2010

How is our Indicator doing?

Let us check this intraday, around 2PM EST. This is how it looks.

Need i say more? We are pretty close to either rallying from here today or will do early next week.

Will keep you guys posted with the latest.

PS: The above chart is an inverse chart, hence go long the market if it goes down and vice-versa.

Happy 4th.

Thursday, July 1, 2010


Hello All,

I have been extremely busy lately. However, i will try and do a catch-up game now.

This week has been brutal and there is one more day to go. Tomorrow is a big day with Payroll data coming in. However, current setup clearly shows which way market is going to go. Market has bottomed today with a LONG hammer.

Few reasons market will go up from here.

  1. Long hammer.
  2. Positive divergence on NYMO, NAMO and host of breadth indicators. If we go up tomorrow, they will all be confirmed.
  3. High yield bonds have barely budged and are actually starting to go up now.
  4. Though SPX made a lower low from Feb, certain sectors did NOT even come close. Take RE for example.
  5. Market is extremely oversold.
  6. TNX is already showing positive divergence. TLT is extremely overbought right now.
  7. Gold to spx ratio is at weekly extremes. So, either GLD drops dead or SPX rallies. It is possible that both happens. But it is highly likely that SPX rallies harder than GLD dropping. GLD started dropping already a copule days back.
  8. Some of the international indices, namely India is still hovering near 52 week highs. If US goes down, everything will go down. This shows divergence and a much more bullish case than anything else.
  9. NYSI weekly is still heading up as you can see from stochastics.
  10. Less than 5% stocks are above 50DMA. That tells we will see rally of historic proportions as equity market is all about buy and sell. If the balance is lost, then there is NO market. :-)
I could actually go on. But will rest here.

Looking for either a) A whole summer rally b) At least a retest of 1100-1150 area in the next 1-2 months.



The above chart was created and posted yesterday. I asked a question, if you'd go long or short this chart. If your answer is Short, then you are right as you would have gone long today when market tanked. The above is a complicated inverse ratio chart. Today it reversed hard and confirmed the theory of why one should go long here.

Wednesday, June 2, 2010

BKC - Strong BUY

BKC - mmmm... mmm... Burger tasting good. :-)

Burger king has clearly broken the trendline and looking at the various indicators it looks solidly poised to take out $22 pretty soon. As you can see, it has honored the lower TL and it is bound to go up from here. Some consolidation is obviously expected, but one may add more during such period.

Good Luck

Wednesday, May 26, 2010

Bear Market Resumes???

Please take a moment to look at the Weekly SPX chart above. This chart has been a great precursor to the market direction and as you can see from the circles marked on it, it has been pretty reliable. There are two proprietary indicators that i have developed in the last 2 years that have worked pretty well in predicting long term direction of the market.

If we take BOTH indicators together, the reliability factor zooms even further. This chart has for the FIRST time since march 09 rally, has given a Long term SELL signal. The upper indicator is racing down even faster. This adds credibility to the lower indicator, which is the primary indicator. Now, BOTH of them are in SELL mode.

As you can see, each time this indicator went to 1/-1, trend changed. If the upper indicator too accompanied properly, then we have winner on hand.

This indicator does NOT give targets. It just provides cues to market direction. Currently we have a clear SELL signal.

What does this even mean?

In short it means, if you buy put options or short stocks and come back in say 4-5 weeks or few months, chances are that you will be GREEN by huge margins. Probability of this thing going against you is extremely low as you can see from the chart yourself.

As always, take what it is worth at the face value of it. :-)

Good luck.

The Game - How the big boys play it

Stock market at least until last decade (1990's) used to be a real investing place where folks used to value companies based on their balance sheets and then park money for long term on the faith and belief that they had in companies.

Today, it is merely a game. Let me explain how it is played.

  1. Game begins with identifying the trend.
  2. Say, the trend is down.
  3. Volatility and IV is extremely high in that case.
  4. So you make up a FAKE rally and thus crushing on volatility.
  5. When that happens, options are priced at peanuts.
  6. Load up all your puts at rock bottom prices.
  7. Continue your descent and that doubles your investment in a day or two. How/why? Not only price is with you during the descent, but IV also works in your favor.
  8. Next is. Rinse/repeat until you have a fool proof way of playing this game and making money out of the casino.
Gone are the days when fundamental investing used to be "the in thing".

By the way, this game works both ways. Just 2) above changes and accordingly the play.

And please, do NOT take my word for it. Go ahead and check or even monitor this for yourself and you'd know what i am talking about.

Good luck.

Tuesday, May 25, 2010

IWM - Fib Price and Time Cluster

IWM has the MOST fibonacci price confluence around the 55 and 66 levels. Since we are currently trading below 66 and are most likely headed down, the next solid support would probably be found around 55 levels.

Time wise, the next major Time cluster confluence is on June 7th. It is possible that the current downtrend ends on that day around 55 or that it ends around 66.

Our Fib Price/Time clusters just gives the major confluence areas. Direction is something you need to figure out yourself. IMHO, 55 looks extremely odd at this time within about 10 trading days, so is 66 as well. Let's see how it shapes up.

Short IWM.

Good luck.

GDX - A Buy

GDX has given a clear buy signal today. Next stop could be around the 50 mark where it has a gap that it needs to fill up. If it crosses 51, it will retest previous highs of 54+ in the near term.

Long GDX June 50 call @ 1.65 with a target between 50-100%. 2.6 is the next resistance (gap), 3.12 is the final one after which all hands loose.

Good Luck.

FIb Confluence and Time Cluster

Per my analysis, SPY has the MOST fib confluence around 950 and time cluster is around 6/21. Does that mean we will reach 950 around that time and that is when we should even consider going long? Not really. It just means that lot of fibonacci numbers get crowded around that area and time. And hence there is a lot of weight and importance given to it.

We may and will definitely bounce back in between. However, i do not see any solid evidence of bouncing before that area.

This bodes well with my earlier call of 920 on SPX. Along with that XLF has major support around 13 (lower TL), which too works out well with our 950 SPX call.

So, as you can see, there are too many forces that are coming together and aligning around the 950 area to be ignored. Whether we get it or not is a different matter altogether. But something to definitely bear in mind.

Good Luck all.

Monday, May 24, 2010

Markets and how they work

Please see the above image and we will discuss this further. The above chart shows Trin/arms index (Black line) and S&P 500 (Red line)

From -
Trin/Arms Index

As a ratio of two indicators, the Arms Index reflects the relationship between the AD Ratio and the AD Volume Ratio. The TRIN is below 1 when the AD Volume Ratio is greater than the AD Ratio and above 1 when the AD Volume Ratio is less than the AD Ratio. Low readings, below 1, show relative strength in the AD Volume Ratio. High readings, above 1, show relative weakness in the AD Volume Ratio. In general, strong market advances are accompanied by relatively low TRIN readings because up volume overwhelms down volume to produce a relative high AD Volume Ratio. This is why the TRIN appears to move "inverse" to the market. A strong up day in the market usually pushes the Arms Index lower, while a strong down day pushes the Arms Index higher.
So as you can see above, BOTH SPX and TRIN have been moving up as siblings. And you call folks at Zerohedge conspiracy theorists from outer planet?

As they say in LV, Place your bets.


Update around 11:20AM.

Welcome to Palazzo, LV. :-)

Sunday, May 23, 2010

Weekly close negative - S&P will never see 1100+ again

This is going to be a bold statement. But if we close this week (week of 24th May 2010) below previous week, then there is a more than 85% probability that we will NEVER ever see anything above 1110 again during our lifetime.

This analysis is based on lot of trend dictating factors including treasuries/currencies/yields/risk taken together into account. Such analysis on a WOW (week over week) basis has turned negative and we only await confirmation this week.

In fact, some of these indicators/charts are currently at a 9 month low even though we are yet to make a 6 month low on S&P. This coming week is very crucial and unless we hold the 6 month low, we will clearly test 9 month low and on our way to 950 area in a flash.

Another influencing factor is that historically last week of every month has closed lower than previous week. This week adds more spice to the equation because if we do follow this pattern and close lower, then we have the potential of bear market hovering over our heads.

Let's see how it pans out.

Good Luck all.

Thursday, May 20, 2010

S&P - Downside Target 920

From the pattern matching system, the current downside target is expected to be around 920 and if the pattern fits well, this target will be achieved around mid July.

From mid july until mid sept, S&P will rise again from 920 to test the likes of 1100. After while we will resume the downtrend and potentially take out previous dubious lows of 666.

Of course, this is a very long term and stretch goal and there are lots of variables and hurdles along the way and hence this information should only be considered, informational. :-)

Things may change as we progress along.

Good luck.

Pimco - Why market is collapsing

Why market is collapsing

Bill Gross, the co-chief investment officer of Pimco and manager of the firm's Total Return Fund, told Reuters that "fiscal tightening momentum" is increasing in almost every corner of the world.

That comes as financial markets are exhibiting "a mini-relapse of a flight to liquidity as hedge funds and other leveraged positions are liquidated to preserve capital," Gross said.

Indeed, investors dumped everything, but Treasuries to raise cash. All major U.S. equity indexes dropped over 3 percent mid-Thursday while Treasuries rallied with the two-year note at only 0.7 percent.

Cash is still the King. :-)

Bear Market - Confirmed

In my earlier posts i stated that we need to hold the key level of 1110 on the S&P. 1100 at the least. But it was decisively broken today. I also clearly stated that we need to close reasonably UP even after having gapped down to have any bullish implications. However, the last hour left it's mark in history IMHO.

We have now clearly broken all supports and IMHO entered the bear market all over again. One of my charts has now broken the TL. Early april of last year it broke out and gave the long term buy signal. After a few weeks of struggle, it finally gave up.

The reason i was bullish was for the fact that we may actually kiss and move up. That is why i was stressing on TODAY being the action day. Today we decisively broke this TL, the last known support.

Look out below.

Good luck all.

Exhaustion run?

Dow lost almost 300+ points and most of the industries actually made new lows vs. S&P which did not. Could this be the exhaustion run that will turn around things. At the face of it, it feels like that. It is just an hour into trading and we still have whole day with us.

One thing is for sure. If we do close with minimal losses, then we are in the process of making true bottom. With the oversold nature of equities and also market wide indicators, it is only a matter of time before we pick up.

Another observation is that almost all of the stocks/etfs are today trading OUTSIDE of their major Put/Call action. This does not bode well for either those that are shorting or going long as equilibrium is lost. Hence, even more evidence that this will correct itself to the upside sooner than we can imagine.

Another major factor. During a real panic attack you'd rush to safer instruments. Dollar is barely positive. Gold is negative and so is silver.

One could argue that in a true bear market everything sells off and probably we are there. But are we there yet? Not sure. But the current action is definitely not good for bulls. Price/action needs to correct itself either ways.

Time will tell which way it is going. Today IMHO is the decision day. Either we close in such a fashion that will force us to think we have re-entered bear market or that we have made a significant bottom. I say the latter. :-)

Good luck.

Wednesday, May 19, 2010

10 more reasons - Stock Market Bottomed

Treasury yields (TNX) looking good.

  1. Crude extremely oversold and is about to turn around.
  2. Copper led the downside rally and it is now up 3 days in a row while market kept making new lows.
  3. CPC/NAMO/NYMO are all at extreme levels.
  4. EUR found a bottom potentially. This is the Beast. The number of shorts on this trade are so much that a counter short-squeeze will be much larger than anyone can imagine. It will take $$$ down and equities will make new highs.
  5. Extreme Pessimism all over the place.
  6. VIX at levels not seen since Lehman collapse, yet the current economic structure is nowhere near that level.
  7. Junk bonds have held on pretty tight all along the collapse of S&P from 1220 to near 1100. Junk is what folks sell out initially before they look out to equities.
  8. Almost everyone is a $$$ long right now.
  9. Look out at the blogosphere, everyone and everywhere is talking ONLY of downside action and not the other way round.
  10. Positive divergences on almost all indices and stocks on almost all of the indicators that are out there.

Having said all of the above, risk is still there. We MUST hold 1100 and actually close above 1110 for us to maintain the bullish bias. However, regardless of this, we are pretty close to forming a bottom if we have not already formed one via the above analysis.

Good luck to everyone.

ERX - Long

Though ERX is sitting just below a major support line, whipsaws are common. With extreme oversold nature of Crude and energy, expect a retest of at least 38+. 48 if we continue trending higher.

SDS - Good Short

One should consider taking profits in SDS or place tight stop loss as it is dealing with Huge resistance above as you can see from the chart below.

AMR - BUY with good risk/reward

AMR a GREAT buy right here. It is sitting right here on a very strong support. Markets will rally from here, best risk/reward ratio in AMR right now. You barely are losing 5% in lieu of over 15% gain.

Markets Bottomed out

Markets have today bottomed out. We have perfect positive divergence among many other things. Expecting a retest of 1150 - 1200 within the next month or so.


EUR Long call coincides with LONG USO call. EUR rally will take $$$ down and commodities up.

Long EUR

EUR has over 95% short interest and very little long interest. It has given a nice buy signal on daily charts today around 1.2345. :-) Nice number huh~~~