Today's reaction was not unexpected per my previous post yesterday. However, things were not quite set up the way I would want to go short so I am flat just seeing how things play out here. Right now I am not interested in sticking my toes in the water and wait for the set up to appear. Neither 30 / 60 min timeframe issuing sells or buys.
Big volume in SPY is confirming the strength of this downward move.
Many scenarios in my mind here...a big snapback to previous highs (expanding megaphone), weak up move to broken support then back down, just continued move down creating a short term bottom and back up, or a deeper correction that many having been calling for.
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...