Friday, November 6, 2015

Nov 6 - Bullish setup into next week

Today showed very good strength towards the close after initially the market was spooked by the strong jobs number.  I think the rising of rates could be seen as a negative but it is much more important that the overall economy is strengthening.  Therefore once the market has time to think about it, the strong jobs report could be seen as a good thing.

After being shaken out yesterday, repurchased VXX put spreads for 18.0/18.5 expiring today and caught the late afternoon ramp.  With all the up and down today, it was a difficult trade and a few times came close to hitting my stop.  Right now, still sitting on the 211/212 SPY Nov 20 call spreads which are unfortunately underwater but I may look to reposition to catch the seasonally strong Thanksgiving week instead.

The 30 min frame looks like business as usual.

The hourly bounced nicely from the lower BB and lower trendline and issued buy signal on CCI.

 The daily printed a very promising candle but we are up against ATH in SPY and the MACD is close to rolling over so something to watch.  Pullback may be imminent at some point.

 QQQ has a great consolidation setup.  I fully expect this to break out Mon/ Tues

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

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