Wednesday, May 27, 2015

May 27 - Buyers step in once again

The last 4 times we have seen a big sell off concluded by late day buying surge we have seen at least 2 days of upside.  So far it is setting up for the same.  After getting stopping out on the open yesterday, I re-entered longs EOD.  Although this is a good set up, at some point it will probably fail dramatically with a gap down instead of a bounce.  In addition, it isn't good that we dipped back into consolidation after breaking long time resistance.

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July 21 - Still massively long banks, took short term longs in NVDA, BABA, HAL, OAS

Probably 2/3 of the options account is in banks.  Maybe 1/2 regionals and 1/2 XLF, C, BAC.  Expecting another run up in equities into Augus...