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
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...
I have been stopped out twice in last few weeks trying to short GLD. I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...
Jumped back in on the open as it looks like we have a short term trend change. Annoyed it decided to leave without me but worth the chase a...