Monday, March 23, 2015

Mar 23 - Weak volume near resistance, IBB sell signal confirmed, GLD continues up

Indexes are largely positive today but with a very large drop off in volume.  Almost all the indexes are close to resistance, $NYA, QQQ, SPY, etc so reason to be cautious especially when $VIX has ticked up today.  Transports showing major weakness today so also another reason to be watchful for reversals.  Otherwise the 10-30 min frames look fairly positive and today's activity looks more like consolidation.

IBB confirmed the short setup nicely and my position was increased to a mid sized one.  Still holding GLD and very carefully watching the 1/2 position of QQQ which if I see something I don't like might be let go.  One possibility I am not discounting albeit less likely is that the market stalls right at resistance and blasts off when people think it is about to reverse.

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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...