Monday, February 10, 2014

TQQQ FOLLOW UP

In one of my last posts I said it wasn't only the SPX/SPY that was seeing a stronger negative divegrence, the Q's as well and as a result, I'd consider SQQQ as a trading position just the same as SPXU. After looking at the TQQQ charts and not wanting to get too involved in this move, but still be able to make a few percent and hedge the trading portfolio, I decided it was best to just close TQQQ for now and when this move runs its course, add TQQQ back.

I haven't checked the fill yet, but it should be close...

 The long term 30 min is still looking good like the SPY, QQ and IWM so I don't see any change to the short, sub-intermediate and Primary trend expectations.

 However this 2 min which probably looks as it should considering the SPY and QQQ, is definitely not looking good for holding the little gains it had in it and as I said, I really didn't want to get in to adding more short positions right now unless the charts deteriorate that much more.


This 5 min chart saw a lot of deterioration today so this was the final straw on making the decision to close this position down for now, but I suspect we'll be looking at it again this week with the 30 min chart looking the way it does.

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