Monday stayed true to its previous years' date form and the indexes fell in decisive manner.
SPY/ QQQ/ DIA/$NYMO - sell signal
SPY 30 min - buy signal
SPY 60 min - v close to buy signal but could be reset if another dip happens
NYA 60 min - v close to buy signal but also on edge of breakdown out of consolidation zone
We could get a bounce but leaning towards retesting a full retrace of 197.6 in SPY before a meaningful bounce. The recent FOMC buy signal was invalidated as we retraced into previous territory and fell out of the upward channel. In addition, extreme movements outside of the Bollinger are usually at minimum 2 day events (sometimes not consecutive) against the previous trend.
Long-term outlook: Bullish
Intermediate-term outlook: Bullish
Short-term outlook: Bearish
Monday, September 22, 2014
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...