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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Jan 20 - Equities caution signal, short SPY, NFLX

Call buying has come back and very good chance of a pullback here