Yesterday, Wednesday, March 21st, at 9:54am EDT, I put in a Market order and sold my TNA at $62.39. This was much lower than the $65.78 that I wanted to get, but it was still a decent profit.
I have always felt that when it is time to unload, then the best way to do it is with a Market order. Sure, I could have hung on through the day and gotten over $63 for TNA, but it could have gone the other way, too, especially since the $TRIN was over 1.xx the entire session indicating that while some were buying, the Pro’s were selling.
$VIX:$VXV Ratio: Going back to the 2009 lows, this ratio has never given lower readings than it has over the last several sessions. 0.77 has been the bench mark over this period, but this ratio dropped all the way 0.69 and 0.67. These readings indicate irrational exuberance on the part of market participants and this kind of froth-mouthed exuberance is never a good thing. It is possible that this ratio is warning of not just a top and pull back for the markets, but a major top like those that have come about at about this time of year for the past two years. Not a prediction but an observation.
Per the 60min trading strategy, the ES has already given a “Sell” signal as the 13EMA has crossed down through the 34EMA. Because of the way the Futures trade and the clear manipulation of the Futures markets, this “Sell” signal may not transfer over into the cash market. As of right now, a little after 8:30 am EDT, it does appear that the $SPX will get a bona fide “Sell” signal today per the 60min strategy. The same for IWM.