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

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...