Thursday, June 25, 2015

Jun 25 - closed SPY puts/ went long IWM calls

Closed SPY puts/ went long IWM calls at close.  Seems like a real lack of participation based on the lower volume than yesterday and the lack of follow through on the afternoon downward spike.  Plus there is major event risk to the upside if Greece comes to a solution in the next few days.

SPY came far from hitting my downside target and I feel strongly a retrace is coming.  If not we might see a big gap down which I feel is less possible given the weakness of the move.

Things generally though are mixed.  Sell signals on the indexes on the daily but buy signals on the hourly.  That can mean some strong snapbacks if combined with less than participatory action.

Volume basically even in SPY

IWM saw weaker volume setting up a gap up tomorrow.

VIX very possibly will retrace based on the overbought CCI

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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.