Also, an interesting bearish stat courtesy of Rob Hanna Quantifiable Edges. Only 1 out of 12 weeks ended in the green following such conditions. If we were to sell off this week, it would set up a nice bounce situation for OPEX week which has been historically bullish.
Tuesday, September 8, 2015
Sept 8 - Strong gap up but will it hold?
We have a strong move up this morning but not a lot of volume behind it and so far has trouble holding up. If the market holds around here and prints reversal candles on the daily with low volume, the probability of a down move Weds will be very high. VIX is stubbornly grinding up despite the gap up.
Second reversal candle in SPY within three days which may lead to a heavier sell off
Call buying has come back and very good chance of a pullback here
Probably 2/3 of the options account is in banks. Maybe 1/2 regionals and 1/2 XLF, C, BAC. Expecting another run up in equities into Augus...
Jun 10 - More bullishness but when is the pause/ pullback coming? Currently long C, BAC, DAL, JBLU, MARK, IGT, PYBI, FDXI botched my financials short trade and didn't close them the day after when I was up 70% and ended up taking a 50% hit the next day. F...