Tuesday, July 20, 2010

Tuesday 3:15 pm update

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Contra ETF volume is mixed in terms of meeting the 90% of the 10d MA by 3:15 standard.  Some of the contra ETFs (SMN, SCC, SKF, SRS, UDN, TWM) are all below threshold, while some (DXD, DUG, SSG, BZQ, FXP, EFU, QID) are above threshold.  All that are above, with the exception of DUG, are below yesterday's high, precluding entry.

DUG typically moves higher as confidence falls, but who knows where it is going to go.

Consequently, I'm not moving on any of these until we get a clear signal downward.  Note that the bias in the database suggests that we could have more upside room than downside (as measured by the GGT strength indicator).

Regards,

pgd