Tuesday, April 5, 2016

Apr 5 - Equities weak but not conclusively leading towards more short term downside

We might fall more but I am staying out of equities as the signals were not strong enough in either direction.
For sure, damage was done today by the trendline breaks in RSI in the SPY daily.  We get another day with selling significantly higher than 100MM volume, I will be firmly in the bear camp.  So still waiting to put on that larger short position.

Underlying indicators such as HYG (junk bonds) and $TNX (treasury yields) are negative though.

Still hanging onto an underwater NUGT short and will give it another day.


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