Dow 13k -Kind of a Dud...

****I was working on this post and about half way through I put out the last post you received as I saw some fast moves in ES 1 min****


Ok, lots of excitement, but we knew or at least thought as far back as last week that Thursday was going to be the most volatile day this week. There are some strange occurrences in the Dow-30 and DIA as $13k was broken, but the market barely seemed to notice.

I haven't moved any positions and don't plan to as of yet, I still think the market owes us downside that probably ends up below the 11/16 cycle lows and it can still surprise on an upside shakeout, so nothing is being moved, no trades are changed based on emotion.

Here's the Dow-30/DIA

 A longer view of the Dow-30 (Not the DIA), this is a break below $13k which is a major psychological level, where's the volume?

 Here's a closer look on a 5 min chart, that volume earlier was above $13k, under $13k, NO VOLUME.

I'd think they'd be fishing around for stops, but it doesn't seem that way.

Take a look at the DIA which has seen the positive divergence from earlier migrate to longer timeframes-I have to look  closer at the other averages, but I expect the same.

 DIA 2 min

 DIA 5 min leading positive

 10 min relative positive
 
Even 15 min relative positive.

I suspect this will hurt the leveraged short ETFs, but they are chosen for a specific reason, they don't have so much leverage that they become unmanageable in an upside move, they can be held and I do expect the 11/16 lows to be taken out, they are there for that move.

As far as shorter term longs , even UVXY short today, they are still in place and the DIa charts above show why.