I closed out my TWM longs early this morning and SPY hit my potential reversal level on a dime. It is possible the market recovers this afternoon to set up upside into next week. Either way, I am waiting to close for more info and am currently flat.
SPY did a good job of confirming its sell signal from yesterday but I wouldn't get aggressive if at all going short here as these descending wedges as they progress get increasingly whippy like a stretched out rubber band that can snap back violently if it slips it of your hand.
Looking ahead I may be looking to go short post OPEX as it is one of the most bearish OPEX historically speaking, weeks of the year.
Call buying has come back and very good chance of a pullback here
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...
Jun 10 - More bullishness but when is the pause/ pullback coming? Currently long C, BAC, DAL, JBLU, MARK, IGT, PYBI, FDXI botched my financials short trade and didn't close them the day after when I was up 70% and ended up taking a 50% hit the next day. F...