That nasty afternoon sell off savaged everything but negative beta or very low beta issues. Tech, small caps, energy and financials all caught flak and many of the ETFs suspected in being about to fade, such as IWM, have now turned downslope.
On the positive side of the ledger gold and TLT look encouraging, especially TLT, whose technicals are all poised to continue an upslope run.
On the currency front there's double gold and TLT, accompanied by silver, which has almost reached the 19 target I've spoken about in the past 2 weeks. The yen also is showing some promise, but with only a small likely margin to gain.
FXE . . . that's the real story, and the only encouraging note on Tuesday's action was that FXE stalled slightly below the S1 and didn't plunge to S2 or S3 in the midst of the afternoon slide while TLT manged to gain a buck in the last 3 hours. FXE is actually looking a bit confused with the daily chart clearly bearish and the weekly chart clearly bullish. Go figure.