Most of the leveraged longs from last week are at a gain or close enough to break even that I could close them here and not have any effect at all, however I'm looking around at a lot of different assets and Financials may be a good one to use as an example on short notice anyway.
Take FAZ-3x leveraged Short Financials, we have a relative positive opening divergence and a leading positive on a 3 min chart, this looks pretty good right now and makes me consider closing the leveraged longs with a short looking like this, but...
If I take the trend of that same chart and zoom it out, all of the sudden it doesn't look so good anymore, there's no positive divergence longer than today.
On a 15 min chart, we bought FAZ on the 18th expecting the market to go down and it was a good trade, but then it ended as the range started, this chart is more important than intraday 1 or 3 min charts, it is leading negative here.
XLF Financials turned down on the 18th as mentioned above, but this intraday 2 min chart has a positive divergence that built for more than part of a day, it's nearly a wee long and still leading at a new local high.
The 15 min chart is also leading positive, not negative.
I think I'll be patient and not get emotionally tangled up and go against the evidence we have
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