Saturday, August 30, 2008
Maybe the market is not ready to roll over yet
Still intermediate/ long term bearish, but last week was a little bit of a surprise. Lessening divergence btw financials and the general market which near term has pulled me off a bearish stance to a neutral/ bullish one. I'm leaning towards market top in 1-2 weeks. Maybe sooner. But the market could churn for a bit before declaring a top.
A big down day on Friday and financials held v strong. That rise to 1320-1330 in SP500 that I was looking for a few weeks ago might be in the works.
The candles point on $BKX, UYG towards a down day for financials on Tues. We'll see...
Still holding $RIG Mar2 and Mar16 calls which are up 100-200%. $shak settling nicely and I have plenty of time with Jun 45 calls
I am liking the set up for XLE a lot now and XBI I am hoping for some settling so I can board the train. Maybe within 1-2 weeks? Missed ...
Didn't make any changes Fri except close the GLD short as the miners + silver started showing strength and an oversold signal on the 2 h...