Wednesday, March 18, 2015

Mar 18 - Bullish continuation and GLD update

Needless to say the market did a massive shakeout on longs this morning and then put the hurt on the bears this afternoon.  Both sides felt the pain, including myself who folded on the open only to re-enter longs almost 1% higher than my stop loss point.  That said, I wanted to make sure that the market was ready to move back up and that was the price of insurance but I wasn't expecting such a quick violent spike up.

NYSE up volume is trending up along with price which is a strong positive.  You generally want to some spikes early in trend changes to verify the strength of the initial up moves.

GLD made a powerful move today on strong volume and we might be looking at a weekly entry 

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May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...