Thursday, November 13, 2008
Shorts and puts buyers got crushed today.
Too many ppl calling for doomsday scenarios at the same time.
Looking for roughly a 3 day move up minimum if you include today. Figuring people chasing today's move will keep this going a couple more days. At least tomorrow.
Holding a few SKF puts and will sell if SKF hits that 120-130 range.
Will be looking for the following as sell signals.
1. maxed out 60 min stochs on UYG/ SPY/ QQQQ/ VIX
2. volume decreasing too much
3. bearish comments from upcoming G20 meeting (which I doubt)
4. 97-98 level in SPY which is max pain
5. most importantly, if price movement just looks tired I close my positions.
Bunch of other things will be looking for but I'm too tired to post them all.
Fri morn: Closed SKF puts near the opening. Volume on the morning rally looked very weak. Today's soggy action is not terrible but not encouraging. I was fully expecting 1 more day of upward movement, perhaps afternoon sees a rally.
I am heavily long calls in $C, $BAC, $JPM for late Jun, July, Aug. Mad conviction here.
I have been stopped out twice in last few weeks trying to short GLD. I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...
Jumped back in on the open as it looks like we have a short term trend change. Annoyed it decided to leave without me but worth the chase a...