My intention was to trade long for the next two days, but market weakness prevented me from keeping the positions. It is very difficult to trade leveraged instruments with tight stops: TNA, for example, carries an ATR of 3.82%, which is close to my usual stop limit of 5%.
When the CTick crossed below IWM and started showing a negative divergence, then I knew it was time to exit the TNA trade, because with less than one hour left in the day and a negative MF, I could end up with a negative trade that could gap down on the next day and hit the 5% stops.
When trading leveraged ETFs, I always try to keep very tight stops at the start of the trade and I always also exit if the MF starts showing divergences. It is better to re-enter a trade later on than to keep a trade that goes or might go against me.
By the way, if you want to overlap two RT Figures, you need to drag the Figure handle of IWM on the Figure handle of the CTick (see the red arrow below.)
Below is the SSYS EV pattern from yesterday. We can see that the stock started to attract money, but was sold at the EOD with the rest of the market. The 40Days EV pattern is flat however and I will refrain from buying SSYS until earnings.
The possible list of trade ideas is below. AFSI issued a volume alert in Mike's section yesterday.
Most other trade ideas are probably irrelevant for the next two days.
I plan to buy a down gap in TNA this morning, but will not chase it TNA gaps up.