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
Very bearish now and looking for a retest of lows in 2-3 weeks. I have puts in SPY, AAPL, GOOS, and GLD. Calls in RIG every major dro...
I am liking the set up for XLE a lot now and XBI I am hoping for some settling so I can board the train. Maybe within 1-2 weeks? Missed ...
Didn't make any changes Fri except close the GLD short as the miners + silver started showing strength and an oversold signal on the 2 h...