The NASDAQ has been red-hot lately, hitting lifetime times pretty much every day. Well, enough is enough. I’ve turned my attention toward a couple of issues that are close to filling their gaps. Late in the day on Tuesday, I shorted Amazon…..
I’m very pleased with the breakdown in crude oil and in Mexico (EWW), both of which I’ve written about quite a lot lately. One trade that hasn’t blossomed yet is my DUST (triple-short on precious metals miners) long, but I’m keeping the faith. Looking at the big picture of, say, NUGT, this seems quite bearish. It might get a little more strength, sure, but I think in the end it’ll work out.
The very nicely formed falling wedge on TF has broken up. Triangle support and the monthly pivot were broken slightly overnight, and Stan & I were looking at that last night and felt that a marginal break, like the one seen overnight, wouldn’t invalidate the bull scenario. If TF can get back over the weekly pivot at 1368.5 and convert that to support, the obvious next target is the all time high retest. TF Mar 60min chart: