Thursday, February 04, 2010

Technical Picture - Bears Own It

A gap down open followed by broad based selling. Actually, I was caught slightly off guard as I was expecting this sell-off to happen on tomorrow's jobs data.

The VIX had been forming a bullish flag and today's selling was a good opportunity to trade VXX.

TLT formed a bullish flag (gap is the flag pole).

AGN, courtesy of the Trade-Ideas momentum scan, formed a bearish tower top as it struggled to hold R1 weekly pivot.

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