And then the ETF painted a bearish engulfing candle yesterday beneath a resistance zone, as its evil twin the Proshares Ultrashort Crude Oil fund painted a bullish one at support.
I got long SCO yesterday morning at 36.57 in the trading account and was pleased to see how the day ended. The Bearish Engulfing candle implies another day or two (at least) of downside, just as it did with QQQ, DIA, SPY a couple days ago and GDX, HUI last week.
B.E.'s are not long term bear signals, but it does not mean the bearishness has to be arrested in the short term.
I find the need to be short some things against the compact, quality stable of long positions in precious metals. Even there I have done a fair amount of profit taking, as per parameters noted to subscribers by email update and in the letter leading up to this quite satisfying week.
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