Well, I couldn’t do it, couldn’t hang on to TQQQ any longer. Based on AH action with GOOG and others, looks like I’ll miss out on some more gains, but a 10% gain, less commissions, is good enough for me.
Placed my order then went for a bike ride. When I got back 2 1/2hrs later, the order had been filled. I’m in no hurry to get back into anything.
Note that today $TRIN closed at 1.08 so another instance of Stealth Distribution. Will this work it’s magic again? Just have to see.
I don’t know if you’ve noticed, but market internals have not been very strong the last two days. On Wednesday, with $NYA up almost 1/2%, volume going into advancing issues was not quite 2:1 the volume going into declining issues. That kind of ratio isn’t really showing much strength, but it was enough. Then today the same ratio would be 3.8:3.5 and that is not enough to keep the markets moving higher. Also, $NYSI rose by 29pts on Wednesday but only rose by 24pts today, which indicates market strength is being replaced by market weakness. If this pattern of weakness continues, the market cannot help but feel its effects and roll over.
Shrimp that dozes is shrimp on the platter.