Tuesday, May 12, 2015

May 12 - Wicked reversal and bullish opportunities re-emerge

As mentioned earlier, closed my SPY short and only partially escaped the morning short squeeze.  EOD entered SPY long upon seeing the gap fill and a combo of VIX/ SPY reversal candles which on lower volume presents a pretty decent long opportunity despite the recent whipsawing.  If we gap down, this position will be closed immediately but otherwise there is some potential here for a decent 1-2 day up move.

SPY bounced hard off of my sell zone today and may be heading towards an upward breakout of its broadening wedge.

QQQ reversing within its downward channel to a potential upward breakout.

 SOXX despite its bearish action a few weeks ago is consolidating fairly well.  SPY and DIA are also grinding within ranges which may be more bullish than most realize.
The bearish scenario I am seeing the most of per the internet.
What I am more inclined to be seeing more and more although I am not strongly bullish but the constant grinding is looking more stabilizing, therefore bullish.



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