Friday, April 10, 2015

Apr 10 - Selling SPY longs at potential resistance

Sold a batch of SPY calls I picked up two days ago for solid gain.  Why?

-sell signal on 30 min frame
-near sell signal on 60 min frame
-at a level in VIX where it oftens reverses, look at CCI, RSI, and price.  It has bounced usually during last few months
- SPY also near resistance and may consolidate, but also may push to ATH.  Although I'm bullish I think odds aren't great on short time frame.

Looking at maybe shorting gold/ silver as both weekly and daily showing black reversal candles.

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