This market is ridiculous. I have no freaking idea what is making it go up today, yesterday for that matter. It is crawling up, tightly hugging the 7 EMA on SPY, QQQ, and TNA. What or who the hell is pushing this thing up? I see three doji's on the 15 minute TNA chart which is frequently a reversal sign, but up it goes. Doji on the SPY 15 min and no breakdown. Gap-up but no fill.
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I am short 250 shares TNA at $40.69, and waiting...
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12:30pm Still in tight consolidation. I haven't seen TNA do this, to my best recollection, in the 3-4 years I've been watching it. A 3x mover derived of the small caps which are the most volatile of the indices. This is just weird.
The SPY is at what I consider a notable resistance area, and TNA hasn't closed below the 17 EMA since before noon yesterday (except the last two candles of yesterday's session, and then didn't go far below. There must be a lot of juice under this market to make it continue up without any significant pullbacks.
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12:37 Noticed a doji in the 12:30 QQQ 5-minute candle... another common turn signal.
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12:46 I am shocked... QQQ actually dropped to the 17 EMA after the doji. SPY still up and TNA still up. 'd like to know who has the bid under this market. This seems like such an unbelievably ripe spot to short and with size... yet my unfamiliarity with what is going on here keeps me from doing it. Everything tells me this thing is coming down like crazy... yet it grinds up.
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12:49 TNA just closed below 17 EMA for the first candle today and only the third candle in about 8.5 hours of trading. Dropping a bit more now.
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12:54 Lame excuse for a pullback. TNA still holding in the price channel begun around 11:00am today. Just closed the second candle below the 17 EMA, but holding tight to it. This is not a drop one would expect.
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1:14 Well, the dam just broke and we got a pile driver drop. I got out with a Gain of $75.52 as it was moving down. Just as strong a reversal back up, which took me by surprise... I was not in long. Back near where the price broke down, I shorted 750 shares of TNA at $40.78 and now waiting for price to head back down. Still hanging up above the 17 EMA though... this is SO strange! A lot of shorts must have been buying to cover to send it back up like that... although some natural buying could be behind it. It's that I don't know why!
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1:22 Price simply hanging there now at 40.99! As if the 1:05 - 1:10pm timeframe never happened! Huh? What is up with that?
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1:47 Price went down and I scaled out 500 of my 750 shares as price went down. Gains $22.69, $40.18. Kept my remaining 250 shares waiting for the big breakdown, but price is rebounding and headed up... left $56 on the table by not taking my gains on the final portion of shares. Looking for it to come down again. Still positive at 1:50pm... we'll see what happens. The 1:40 pm turn up for TNA happened on very little volume, so it seems odd that it wouldn't drop more. But, maybe all the volume exited in the big flush...?
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2:02 Wow, just learned about why the market tumbled a while ago! A threat at the White House from a hacked Twitter account? What the hell is wrong with people? Wish I had sold all my shares considering that news... it was a one-time headline and not the market going down on it's own. That's why the market seems to be holding up now, using my entry price of 40.78 as resistance.
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2:18 Exit my final 250 shares of TNA at 40.51. Gain $67.72
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4:01 An early small loss of $24.70 figures into today's mix.
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