I'm going to post charts shortly. This lateral chop since Monday's decline which was rooted in the same Index futures divergences we have now, has been an oversold bounce, essentially creating a very flat, choppy range that is open risk until probabilities are on you side.
For instance with the QQQ...
Since last Wednesday-the last day of Black Friday sentiment protection (the week of Black Friday, the last thing politicians, retailers, etc. want is for there to be bad market news on the biggest shopping day of the year when many retailers go from being in the red to the black-thus"Black Friday" when consumer sentiment is already so depressed),
the Q's have seen a move even with this week's oversold bounce of -0.04%, a flat and choppy range that is very difficult to make money in.
For the IWM/Russell 20000...
Over the same 7 day period since Black Friday protection ended as Thursday was a holiday and by Friday everyone is already out shopping, a -.33% decline and this week, although a bit more volatile, is still a dangerous range.
It looks like things are changing and not for the better,
I have both SRTY (3x short the IWM) and SQQQ (3x short the QQQ) personally already, but both are starting to look very interesting today, just as they did Friday when I expected a dull day on a half day's trading.
Charts to follow, but I would be considering them here if I didn't already have them.
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