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.
GLTA
looking back at your July posts now, when the SP500 is at 1320 has taught me a good lesson about staying neutral and suppressing my own bias about market direction. Trade the Charts and Cut losses short! Hope you did.
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