Tuesday, June 23, 2015

Jun 23 - Indexes stalling, potential for retrace increasing

Sitting short SPY with the daily and hourly printing near or complete sell signals.  On the 15 min frame, SPY settling into a upward wedge that will confirm with a bit of downside.

The daily printing a black reversal candle which might be worse for the bears that a red candle today as it could set up a big gap down tomorrow.

Hourly sell signal has yet to confirm but so far price action is stalling.  Higher risk indexes such as IWM and QQQ are noticeably weaker than SPY/ DIA.

SPY printing reversal candle at top of range.

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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.