Posted by: rp on the 6th of Jan 2012 at 11:14 am
markplea- other than those daily and weekly RUT/IWM charts i put up with the fib time zones, marking a major turn on or around current levels, i don’t have any read on the IWM (i use IWM when trading TZA/TNA/TWM, etc..). on the 60 min, you can see that prices have broken above and back below that triangle like it wasn’t even there so i’ve given up on bothering with that. my thoughts on TZA are the same with the entire market: either the central banks are successful in stopping the fall of the EURO/rise of the $USD and stocks continue to climb or at least chop around current levels for a while, or the central banks are powerless to stop the currency trends and the markets are soon forced to play a painful game of catch-up to increasingly large disconnect between currency prices and stock prices. i favor the latter scenario but unfortunately, i just don’t see much in the equity charts to confirm that view right now.
