Friday, June 12, 2015

Jun 12 - Morning dip in equities may not last long

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.

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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