Feeding off of pain and euphoria. Find me on Twitter @greenlander1
Monday, August 10, 2015
Aug 10 - Buy signal confirmed
Strong bounce for equities and surprisingly gold and silver and corresponding miners. Not unsurprised by the equities bounce but quite caught off guard by the gold bounce. I am still long QQQ and will hold at least until EOD and potentially through tomorrow but considering that $VXO and $VIX are getting near that bounce zone and the 60 min frame is becoming overbought, I will probably sell a decent amount tomorrow to be safe.
DIA seeing a nice bounce today from the 60 min buy signal and positive divergence.
Missed this move and will be looking for a bounce in DUST as it has happened after every major bounce in miners. If it happens, will take a short position in DUST.
GLD bouncing nicely today and would like to see some pullback tomorrow to go long.
IWM could stage a strong move up if there is follow through.
QQQ also bouncing similarly to the other equities indexes.
Volume is a bit of a concern though. And the large gap up sometimes leaves things open for a retest.
SPY looking strong today and already getting into overbought territory although it could easily continue up.
$VXO near the bounce zone so might not be a bad idea to get cautious with longs once that line is tapped.