Thursday, August 13, 2015

Aug 13 - Short SPY

Unloaded VXX puts right on the open and went short SPY with stop a bit below the open.  Looks like we are rattling within a descending broadening wedge that should break to the upside but given how stretched yesterday's move was to the upside, we may need to stabilize before going up.  Ideally we would have maybe a half retrace of yesterday's down move on weaker volume.  Obviously I am not planning on making this a long term hold, probably only today.

1045am update:  Stopped out of SPY short.  Volume is quite weak which makes me think even if a pullback arrives, it won't be too menacing.  Staying flat until there is more information towards close.

1145am update:  Looks like consolidation so far.  Will wait until EOD but if we print a low volume inside candle, it may look bullish

Ideally, SPY would trash around in the middle of this zone and stabilize before putting longs on the table.





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