Thursday, April 30, 2015

Apr 30 - False breakout confirming

Sitting short QQQ after re-entering around close yesterday.  Assuming no miraculous reversal today, it is difficult to say what kind of downside targets to look for since this has been a pretty ugly failure of a breakout.  We could easily fall to 106.5-107 today in QQQ and there is a lot of room to fall in SPY on a 10-15 min frame.

Update 1100am - unloaded QQQ shorts for now after seeing pos divergence setting up.  May re-short later but will wait and see.

 VIX also finally making a move up.  All the churning the last couple of weeks might resolve in a strong push higher.

QQQ so far following through on the stoch/ CCI sell signal from a few days ago.  This signal was strengthened by the upper BB overthrow.

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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...