What the **** is holding this market up? Tons of bad economic news, here and abroad... and it keeps going up.
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12:35 The way the small caps keep rising is the biggest shock to me... based on the chart and my multi-year study of TNA, they should be pulled back by now. And the major indices, Dow and S&P? My goodness! Is this the "Late Money" from the average Jane and Joe on the street, who follows nothing but the 'markets at all-time highs"headlines, getting money to work in her/his retirement account? Who is buying?
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1:51 More double-doji's on the 5-min TNA chart. This is weird.
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2:05 Looks like TNA might try for the 42.10 area, if it can successfully break through 41.70 area resistance.
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2:13 Volume coming into TNA here at 41.75 resistance. Up? Down? Ordinarily I'd vote down from here, but these markets are outside my understanding.
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2:46 This market just sucks. every time price breaks down where it normally would, there's an instant buy executed. On the other hand, a market is a market and traders must adapt.
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3:14 QQQ and SPY dropping and TNA staying up. I don't get it.
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3:25 SPY 3:20 candle is red with big volume. TNA moves about 5 cents down. There must be some very big players wanting the small caps higher. When SPY moves up by a few cents, TNA jumps out of its skin higher.
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3:58 SPY has dropped over 65% from its high today and TNA is still within 25 cents of its hod. ???
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Market closed now... This is definitely a learning experience for me over the past couple days. Classes of stocks can decouple, that's for sure. Small caps are not trading with the major indices, they're roaring and seem overdue for a pullback. But the market will decide when that occurs...
I remain short TNA at $40.65, long TZA at $38.71. Based on looking at the chart, I would guess this has to break back down for a retest of the $40.50 area of TNA and as I was thinking yesterday, at least fill yesterday's opening gap at $39.60.
No exits today.
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ADDENDUM:
What the heck happened to TNA closing volume? There was none!
TNA volume today was 6,420,000 shares, the lowest since the slightly higher total of April 11th; a day with a doji-top and short-term reversal.
Today was the lowest volume day since the 5,064,400 December 24th, 2012, just before the huge January to mid-March ramp up.
Today was the second lowest volume day since December 29, 2009 had 4,915,000 shares traded!!!
Today was the fourth lowest volume trading day in TNA since December, 26, 2008 in the depths of the market crash.
TNA close to a $42.20 s/r area. My gut is telling me it might ramp a bit tomorrow (?) then go down... unless it just goes down without the ceremony of moving up. Always prepared for being wrong, though.
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At 3:40 pm today, I moved mutual fund stock market assets to money market (this is a non-trade account). It is the first time I've touched that money since the deep crash of 2008-2009.
Something is up with these markets and my uncertainty bothers me. They could bust out and make a run up from here, who knows. But this is a time and chart area where I don't want to be guessing.
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