Thursday, March 12, 2015

March 12 - Wary bounce

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.

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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...