Seems like betting on significant downside has increased risk now that the market has not rolled over. Pulled the plug on my puts Friday since the downside didnt appear to be developing.
The 800 level in SP500 is being defended fiercely.
Thinking now the heavy selling scenario described on Thursday is now on hold but still leaning towards it playing out since we haven't seen a broad-based capitulation yet. I would call last week a 'soft capitulation' since it only involved the financials.
In this TRIN chart which needs some indicator recalibration points towards some bounce over the next week. Green lines indicate bounce points.
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...