Tuesday night the issue of a head fake move was brought up, I'd normally almost always expect one, they are just that prevalent, the problem is most of the time people don't recognize them for what they are as they can't see the distribution in to them, but today's was easy to spot on a number of levels, VIX and certainly the TICK Index showing a trend of more stocks selling off than moving up during this move. I suppose yesterday would have been the IWM's and today the other averages.
What ever it may be, if it is a head fake which I was a bit crossed on, being bases and tops often share a similar form and symmetry as the base was such a sharp "V"; what I notice now is inverse ETFs seeing a lot of attention, take SQQQ and SRTY.
SQQQ getting positive attention nearly all morning.
While the 3x IWM short URTY shows the same.
The long 3x QQQ and IWM are the mirror opposite.
TQQQ
URTY...
A very strange looking move indeed... I'll have more. Right now the SQQQ/SRTY moves are getting a bit too parabolic.
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