Wednesday, May 27, 2015

May 27 - Will this strong bounce continue?

I ended up closing 3/4 of my SPY longs at close and looking for limited upside.  Seems like the upwards churn will continue until things break down.  Yesterday's dip is starting to make me think that this churn is not unlike May/ June of last year until it suddenly slipped out of its channel.

VIX has been vigorously bouncing off of support for some time and until we dip below it for good, equities will continue its shake and bake.

SPY not unlike the ugly churn up that we had last year in early summer.

QQQ/ IWM made strong engulfing moves which give credence to the bullish camp.

No comments:

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...