April 26 ( Gain $ 102.49)

Gap down and dropped into the 42.00 area, where at 9:41am  I covered all 1000 shares of TNA held from yesterday at $42.11.  Gain $321.79.   My sense was that a reversal was taking place so I got out.  Just as well, considering the reversal was real and price then leaped to cover the open gap.
I am still holding my 250 shares of TZA.  Markets are down from the gap fill but are showing some strength, sure feels like they don't really want to break.  SPY refuses to dip below yesterday's open to fill the gap up that occurred at the start of yesterday's session.  As I surmised yesterday, the markets haven't officially rolled over until the buyers are cleared out from yesterday's open.  Markets are making that drop now at 10:12 am

10:16 am    Exit 250 shares TZA at 37.85; loss $217.35   Yesterday's open gap essentially closed on this market dip, cutting my losses to step back and evaluate.  TZA reversing downward from here, at least in the short term.

10:21   Market now dropping again so I may have exited TZA early.

10:22   Market (SPY) bouncing up now off support at 158.  Keeps trying to break down through but buyers fighting back.  This is a significant area for the S & P.  Will it crack and go down today?

10:26   Short term consolidation here in TZA, but it hasn't broken below the 7 ema yet so I wouldn't say it is transitioned to weakness.  SPY and QQQ still below their respective 7 ema's as well.

10:32   I have to say that I expected the markets to break down more than this, considering the run they made and the macro data here and abroad.  Dow is still up today and SPY still down only .28% .

10:36   SPY holding its 158 support for the 3rd time today out of the last four candles.  Buyers are defending that level and as such, SPY consolidates here.  7 EMA still represents resistance however.

10:41   SPY up and now testing resistance but recoiling strongly off it.  Looks like sellers are strong there and we are down in the consolidation area that is using 158.10 as a central level.

10:44   TNA trading in what is essentially a 30 cent channel.  That's fun to trade, he said facetiously; chop chop chop.

11:02   TNA defending 42 support with intensity, as if traders' lives were at stake.  If and when it finally breaks, it should go down with authority.  In this market environment though, who knows how far down it will go.  Seems like there are buyers galore.  Maybe Ben Bernanke is now also the chairman of the PPT?!  :-)

11:07   Lower highs on TNA while support holds today; wedge forming nicely and very clearly seen on the 15 min chart.

11:13   So badly I want to get short for a ride down to $41. on TNA.  But I am a bit gun-shy of getting short after the way $42. is being defended.

11:17   TNA rising and some volume building.  Perhaps a Range Day in the making instead of trend day down?  Much like the first three hours on Wednesday, there is a fight going on; close to but not the exact price level.  More a battle for direction.

11:29   Good place for scalpers to make some cash off mean reversion here as TNA goes back and forth over the 7 EMA.
Weakness now (11:31) in TNA,  might push downward...

11:32   A place to get fooled in a short, expecting breakdown.  I've been faked out of my shoes with reversals SO MANY TIMES, including yesterday in TZA.  The time to get short for this breakdown was back near the top of the 11:15 or 11:25 candles.

11:37  There's the crack and break!

11:40   Support holding on SPY, which has stopped TNA's drop for now.
11:42   SPY still clinging to 158 support.  TNA showing a bit of green, though not convincingly.
12:14   Watching this unfold with no money at work.  I'm looking to buy TNA near the 41.40 level, if it gets there.
12:23   Nice doji on the TNA 15 min chart, a reliable sign of a reversal.  However, I think long here is premature... I'm fighting the urge to buy.  I'm still feeling the 41.40 is an important area, based on  the fact that it was close to the resistance level for the wedge 2 days ago (10-12:30 timeframe).  It seems like that is a 'neighborhood' that will be defended.

An important question one would ask is why am I not short at this moment, feeling as I do about the current momentum?

1:22    Ahhh, the smell of missed opportunity.  TNA is now up to 42 and that shows the problem with trading off specific levels instead of following momentum.  I was so focused on the 41.40 that i did not use common reversal signals to go long.  I watched, believing that it would break down more... especially around the 12:35 and 12:40 area.  I did actually get long at 41.72, but didn't like the fact that I was going against my original idea and got out flat (loss $1.95).  Then it promptly went up, reinforcing that my instinct to go long was correct even if it contradicted my preconceived idea.  I was in and ready for what would have been a 30 cent trade; up to $75 for 250 shares.  The answer: setting a stop and not getting out without it being hit.

To answer my question from just above, this is why I was not short looking for the drop to 41.40... uncertainty but fixated on an idea.  It is quite possible that we could see 41.40 later on today, but that was not my original thought and not what was motivating me around noon time.  I was inflexible and not attentive to momentum.

1:30    Earlier very strong support, TNA just used 42 as resistance, dropping back from it though not with any vigor.
1:42   Dropped back 12 cents or so from the 42 but holding support at the 7 ema.  SPY showing strength off its 7 ema; causing TNA to test the 42 once again.  There was so much activity there earlier that I would guess it would take extra effort to move away from this range... expecting some consolidation here.
1:47   Nice push up after busting through 42.  Resistance at 42.20 area, with volume spike.
1:58   TNA seems frozen in place at 42.02, more or less.
2:05   42 level holds again.
2:10   Three near dojis in a row on TNA.  $42 is a powerful level.  I believe this is the Big Rollover Decision here.  This is the battlefield.
2:13   I have been wondering for two days why TNA and the markets generally are this high.  My bias is down.  But I could easily make a case for TNA reaching the 42.50 area today.  That's why I'm watching and not trading it!
2:17   Momo is nonexistent.  Just guessing.
2:27   Chop and churn.
2:51   More of the same.  Going nowhere slowly.  Not straying from 42.

Access to a live streaming HOD/LOD scanner would be awesome on days like today.  I have so many avenues of advancement yet to travel.

3:04  Volume spike and nice green candle.  What is up with this?  Something to short scalp back into the channel?  Break out?
Over an hour, all but one candle has crossed over the 7 ema.

3:32   Pressing up toward 42.25 now.  Looks like buyers were in charge for most of the day.   And, it looks like the big noon time doji on the TNA 15 min chart was the reversal indicator that it often is.  I was so attached to a price level below it that I didn't trust the common signals.  And i gave up gains as a  result.  Another 10 cents and TNA will be flat for the day.  That is the most surprising thing to me.  This market is maintaining its strong showing of late.  it doesn't seem real that it is, but it is.

4:01   Market closed.  I didn't make any moves after my quick buy/sell at 1:09 pm.