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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • Small Caps Hit Hard In Wedge Reversal 0 comments
    Jun 24, 2014 3:34 PM | about stocks: IWM

    It is fairly safe to say with thirty minutes left in the session, that the small cap iShares Russell 2000 ETF (NYSEARCA:IWM) is not coming back to its intra-day high.

    In fact, this is a serious reversal where only the end of trading today may be the factor that stops the slide.

    Price action has already eclipsed the prior three-day's action and it looks as if it may take out the prior fourth day as well.

    The Direxion Russell 2000 Bearish 3X ETF (NYSEARCA:TZA) has moved up briskly and the initial entry at 14.05 is firmly in the green.

    (click to enlarge)TZA: Daily Chart

    Chart by TeleChart

    This trade may have sustainability. There will most likely be other entry signals.

    Disclosure: The author is long TZA.

    Stocks: IWM
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