Monday, November 9, 2015

Nov 9 - Bullish setup fails, potential minor correction in SPY

I was fully expecting a gap up today based on the candle and zig zaggy consolidation from last week.  Right after the gap fill failed I exited my SPY call spreads at a 35% loss and am now flat.  We also have a MACD sell signal on the daily which usually portends to a 1-2 wk pullback.  That said, I don't like the idea of going short either as we could have a reaction to retest previous highs.  Looking for some settling to go long into Thanksgiving week and maybe Dec UUP calls if the USD consolidates.


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