Thursday, April 23, 2015

Apr 23 - Indexes holding relatively strong - breakout coming?

SPY/ QQQ has tapped their upper trendline several times already and showing resilience despite some ragged tape.  Even if the breakout doesn't happen this week and we manage to hold ground, I would be inclined to think next week will do the trick.  Rather than a blast up through resistance, the indexes might just grind up through it.  If and when they clear resistance, I would expect the velocity to pick up.

From the bearish camp, one could argue that the indexes are struggling to make it past resistance and will need to reset and dip down into the consolidation zone.

I was as of this week expecting a move back down off of resistance but it isn't happening.  We should know fairly definitely by end of day, at the latest by end of week.

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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...