Friday @ 3:50 pm Tick Summary

I've closed all my long positions going into the weekend based on the following tick presentation:

[ATTACH=CONFIG]10073[/ATTACH]

While the trending is strong in the 2x ETFs on the SPX, RUT, and NDX since about 15:25, the NDX has had a terrible time pulling the trending indicators positive today. Further, the RUT is still down trending in the MA indicators, and I'm seeing this indecision in the SPX. Based on this I've closed all my positions for a nice trade and will start Monday afresh.

Make it a great weekend all!

Regards,

pgd

[QUOTE=grems8544;16166]I've closed all my long positions going into the weekend based on the following tick presentation:

[ATTACH=CONFIG]10073[/ATTACH]

While the trending is strong in the 2x ETFs on the SPX, RUT, and NDX since about 15:25, the NDX has had a terrible time pulling the trending indicators positive today. Further, the RUT is still down trending in the MA indicators, and I'm seeing this indecision in the SPX. Based on this I've closed all my positions for a nice trade and will start Monday afresh.

Make it a great weekend all!

Regards,

pgd[/QUOTE]

I tend to disagree. The $TIKUSC $TICK and $TIKRL all finished strong. I think the market celebrated Mr Bernanke's strong stand and thank god no more POMO for the time being. The market liked it at least for today. :O)

Trev

[QUOTE=manucastle;16167]I tend to disagree. The $TIKUSC $TICK and $TIKRL all finished strong. [/QUOTE]

I respect your position, but I still believe that the price strength in the NDX is artificial compared to the NDX tick patterns, and that the same behavior appears in the RUT, although the divergence is less strong in the RUT.

I'm a slope guy, as well as a rate of change of slope analyst, and $TIKND is completely divergent in terms of where the strength lies to the price action today. All the slopes of the 195m, 390m, 600m, etc. are all negative, and the ribbon pattern is completely inverted (fastest MA on the bottom) and was not able to move to a long pattern with such strong price action today. While the last 35m or so of the day is strong in all three and is completely aligned in price action, I don't think we're out of the woods yet.

Further, Gold futures are up another $23 since closing today, and at 15:46 were at $1820.60. This doesn't instill confidence (for me) holding across the weekend.

So, I personally made the choice to close my 2x positions in multiple accounts. Because of this I'm sure I'll leave money on the table Monday (grin) for the rest of you to enjoy.

Thanks for the feedback - it's greatly appreciated.

Regards,

pgd