Market Update

There are still some signals I'm looking for, I consider this area to be kind of messy and almost untradable short term, but as far as trading positions set up, the only one I kind of wish I had that I don't is SRTY (3x short IWM/Russell 2000), the 3x short QQQ, SPY, XLF, etc are there.

Here are a few of the signals right now, they are intraday so more set up for day trading, but there are some extremes building in that have larger implications. First it seems the AAPL Bellwether was effective with the Q's when there wasn't the normal confirmation channels I'd usually use.

Take a look at what we have, I do like SRTY (long) here, but I'm pretty full. If I get a couple more confirmation signals like VIX futures, maybe some more damage in credit, 5 min negatives in Index futures, etc... I may just go for it.

 SPY intraday, a lot like yesterday, early distribution to afternoon lows and a bounce from there, now that's fading.

 QQQ 1 min intraday, but more interesting...

An EXTREME leading negative 2 min QQQ, watch the same in IWM below.

IWM 2 min intraday, no confirmation just as it was on the open...

 But back out on the same chart, the same extreme leading negative signal, this is the kind of signal that is hard to ignore. I'd just like some more confirmation in other assets classes.

And this very sudden bout of strong distribution on the IWM 3 min intraday, since I see the IWM is starting to make a U-turn.

Be ready for some quick positions if a few of those confirmation assets show up as quickly as these signals have.