Nice Afternoon

Ok, this afternoon's action was encouraging. The action on FAZ was great. I am taking the risk of holding on to this position overnight. The position is currently up 13%, but I think we may have put in a bottom here in the 8.50-9 area, so I am going to try to exercise some patience and see if this one can run a bit.

I also established a position in IWM May puts. The chart of IWM below shows a break of the blue trendline, and a retest, also a nice little double top (circled in green) at around 48.



As per my last post, the bulls did buy the afternoon dip, but we FINALLY sold off at the close. I haven't seen a day like this in a while, so maybe the bears have some fight left after all.