Monday, June 15, 2015

Jun 15 - Long SPY setup brewing

I am currently flat and waiting for a bit more settling to look at longs.  VIX is printing a black reversal candle and SPY a hollow reversal candle.  We might get an OPEX ramp up but waiting to see how we close.

Not as oversold as I would like nor seeing positive divergence but looks very similar to a setup from Apr 1.

If by EOD, volume drops from Friday and the candles looks good I will probably look at SPY longs.

SPY in another descending expanding wedge we generally creates large moves towards the end.

SPY forming a double bottom not unlike Apr 1, but the bottom could easily fail as trendlines have failed.

 Will be looking for SPY vol to decrease from Friday.

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Jun 19 - Set up of the year in financials

I am heavily long calls in $C, $BAC, $JPM for late Jun, July, Aug.  Mad conviction here.