Friday, September 21, 2012

more consolidation for next move up

today was a little ragged but decent recovery. Looking for bullish move up. The spy 145 cLls got crushed and recovered to 1.68

Wednesday, September 19, 2012

bullish consolidation in SPY

i rarely look at options close to expiry but i just picked up small batch of sept 28 145 calls at 2.1. potential to get wiped out but i think it is much more likely sSPY is up a handle by expiration

Closed another 25% of USO short

another 3% drop in USO. We might get more downside but 6% Drop in three days. Otherwise indexes once again very quiet.

Tuesday, September 18, 2012

closed half of USO short

again fairly bullish low vol low volatilty consolidation. Although i would like to get more juice on USO short the general strength in indexes makes me cautious. GLD bounced nicely today and i recovered most of the losses from yesterday. I wouldnt mind seeing a few more days of consolidation to set up a strong base moving forward.

Monday, September 17, 2012

USO down almost 3%

We got the start of our pullback. Commodities pulled back and a solid drop in USO on big volume. Made the incorrect decision not to take partial profits on GLD calls which cost me a bit today. Otherwise the pullback across indexes was minor and on low volume. A low volume consolidation for a few days would be bullish

Saturday, September 15, 2012

Short term pullback is in order

Shorted USO at close as it printed black reversal candle outside bollinger. We are really overbought on short term. That having been said trend is firmly up. Big volume has come in recently on the major indexes and making multi year highs. The pullback i believe will be short or more of consolidation. Still sitting on GLD via nov 155 calls which in theory could retest previous highs.