Tuesday, May 5, 2015

May 5 - Cinco de Mayo weakness

Happy Cinco de Mayo!  So far it has been a good one as I had re-entered QQQ/ SPY short seeing the end of the day weakness yesterday.  Too early to say whether this will be a dip that will be bought up later today /in the coming few days or follow through so I have around 106.5 in QQQ at the lower BB as a partial covering zone ~50% as we may easily bounce once again.  If we break through, great, but I will look to lock in some profits as the current trend is nonexistent, just lots of whipsawing.

 This uptrending wedge/ channel is getting tighter and perhaps we will see a larger move down like we saw in March/ early April.  But it is easily possible this dip is only for a few days and is quickly bought back up.

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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