Thursday, August 20, 2015

Aug 20 - Intermediate term trend turning bearish

Today equities broke some critical levels.  DIA is leading the way down and it is clear now that the consolidation triangle has broke to the downside.

We may have a bounce based on buy signals on the 1 hr frame and overbought VIX, but the safer trade going ahead will probably shorting into bounces.

NYA has broken an important level of support.  If we bounce, I may be looking into shorting resistance.

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May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...