Bounce came as it was highly probable and more than a few shorts got caught holding the bag once again. Transports and small caps confirmed this bounce so it is probable that we get at least a day or two more out of this, at very least an intraday upward move tomorrow. Although still long, I will be carefully watching intraday action and ready to jump ship if this bounce doesn't crystallize further. My only complaint was volume was pretty weak although I am a firm believer in staying focused on price.
Here's a post from Cracked Market that sums up basically my opinion also. Check it out.
Call buying has come back and very good chance of a pullback here
Probably 2/3 of the options account is in banks. Maybe 1/2 regionals and 1/2 XLF, C, BAC. Expecting another run up in equities into Augus...
Jun 10 - More bullishness but when is the pause/ pullback coming? Currently long C, BAC, DAL, JBLU, MARK, IGT, PYBI, FDXI botched my financials short trade and didn't close them the day after when I was up 70% and ended up taking a 50% hit the next day. F...