Buy signals issued on 30/60 min SPY but not biting yet. NYA is also showing positive divergence after a taking a beating this week. I feel risk to reward it is slightly in favor of bulls on a very short term basis as the market could easily snap back. Slight chance I take a small long but just as good chance I don't. On an intermediate time frame, there has been a lot of technical damage so I would tread carefully. Still lots of potential scenarios in my mind and I am going to wait until the market begins to form one of them. My ideal scenario (for now) is seeing tired upward movement that can be reshorted. Until then, I wait.
Friday, September 26, 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...