Sunday, May 17, 2015

May 17 - Inflection point in equities

Friday we saw some minor follow through that was definitely constructive.  Although we triggered sell signals on 30 min and 1 hr frame, they were quickly shrugged off and we closed in the green.  Remains to be seen whether this signal might trigger later so the first few days of this week will be critical to see how we perform at all time highs.  Right now I am flat equities, long GLD, and a small batch of Jun VIX puts.

VIX triggered a sell signal but was burned off by close.  Monday should tell us more but this range has generally meant a pullback in equities.  If equities break out, we may be looking at much lower number in VIX.  I don't think there is a big edge in either direction so I unloaded my VIX puts Fri.
GLD stalling and my target still looks feasible.  The weekly printed a strong candle so hopefully we see follow through to the yellow zone.  We are hearing all kinds of chatter about metals going up because the dollar is correcting.  I don't pay attention since we have seen gold go up with the dollar and in other varying conditions.  

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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...