Our short position in TLT and Sept Treasury Bonds had a good day Friday…

Todd Butterfield Market Opinion-Free 0 Comments

We have been short TLT, and added a short in September Treasury Bonds at 173’14” Thursday. With Fridays selloff we have lowered our buy stop to breakeven, and we look for bonds and TLT to continue lower.  We did this trade because of the Technometer reaching above 50 which is overbought, and we felt a downtrend had begun. 5 Minute Chart – After the initial selloff, we was wanting a bounce to sell, so we …

Rollover once again…

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Our Wyckoff Technometer is now back to overbought levels on the majority of the indices I monitor.  We also have in place the divergence with the OP that Jim O’Brien has been discussing on his updates.  So with these tools, we feel the market will have a difficult time moving through resistance at the top of the trading range.  We expect a pullback back to the bottom of the range once again….

We are going short at the opening…

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When we covered our shorts in the SPY, VNQ, and XLE last Thursday we said we was looking for an oversold bounce for a few days. With todays gap opening, we feel we have had the rally we had been looking for. Lets see if we can close weaker today and begin another reaction further back into the recent trading range.

Relief rally off of oversold condition still in effect….

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We had stated Thursday at the low that we thought we could have a few days of rally to relieve the oversold condition of the Technometer.  We are currently up 15 points on the Sept Emini tonight which should give us a nice rally for Monday.  Up at these levels we start to be more interested in being short once again….  Stay Tuned!!

Intraday recap of today’s action…

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As we began the day, we knew that short positions had to be monitored closely as Mr. O’Brien had stated in his Daily Pulse of the Market.  Our Technometer readings were nearing oversold, and as you can see from the attached chart, volume was not coming into the market as it appeared demand was withdrawn in the opening hour today.  We took the opportunity to cover our short-term short positions on the early weakness.  We …

Stocks opened sharply lower…

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With stocks opening sharply lower, we took the opportunity to cover our recent short positions in SPY, XLE, and VNQ. We gave the trade update on our Twitter account to try and show people that the Wyckoff Tools are very helpful when it comes to their day to day market operations. Our Wyckoff Technometer was coming down into the “Oversold” territory, and we felt like we could make a short term bottom and relieve the …

More selling today in the stock market…

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We got the continued selling pressure we have been looking for today.  We still expect slightly lower prices on this reaction, then a few days consolidation.  Our best analysis is that we will see still lower prices in the next 1-2 weeks. We will be uploading two videos we shot during todays trading.  We trade alot of Emini’s and like to show some of our trading throughout the day.  We are trying to get setup …