Tuesday, May 12, 2015

May 12 - Whipsaw morning

Exited SPY short this morning and unfortunately deviated from my original plan to close 1/2 of my short on the gap fill and had to scramble to cover when it spiked back up.  Still ended up with a nice profit having entered on Friday but definitely botched this one from a trading discipline standpoint.  Always plan out your trades the night before and have contingencies planned so you don't have to think too much the next day.

Anyways, not unexpectedly we bounced very hard off the bottom of the gap and are consolidating intraday. I am very slightly leaning towards the market dipping back down again but not enough to take a position.  I will wait until EOD to search for opportunities.  It is also possible that this spike was part of an upward breakout in SPY's descending broadening wedge.  If we print a hollow reversal candle (which we are now), I may take a small long position but I have no plans sticking my hand in this blender intraday.

SPY and VIX currently posting reversal candles




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