Thursday, May 14, 2009

Mistake? Maybe.

Poopy! I made a newbie mistake....
This TZA chart clearly predicted today's bullish Price action.
The two previous days printed a picture perfect Bullish Harami and I missed it.

Click for larger... browser back.

Had I seen that, I would not have owned TZA today.
Fortunately, my position was small due to my concern about the pullback.

So... am I bullish? No! I may not even exit this position. Here's why:

Click for larger... yada yada.

Depending on how the upper trend-line on this 60 minute SPY chart is drawn, our downtrend may still be in tact.

Oops... the SPY daily chart is a Bullish Harami. Bullishness is expected.
On the other hand, today's volume was low. There is a good chance it could be crying "wolf"; One would reasonably expect that large amounts of volume would be required to reverse a trend.

Tomorrow will be exciting... we get to learn things! Bring it on!

Did I explain that well enough?

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