Thursday, December 17, 2015

Dec 17 - Ugly reaction

We are seeing a lot more equities weakness than I expected.  I closed out this week's spreads in the morning seeing the weakness/ volume coming in.  This a wild guess, but my gut thinks that we chop slowly up into the year buoyed by seasonality but held back by underlying market weakness.  If this happens or the market just tanks second half of December, I will be increasingly bearish about Q1 2016.  We might be in for a big drop.

This broadening wedge is very ugly for longs.  Things need to stabilize here by tomorrow and establish a range or we will probably test the low end of range again.

My best guess for miners to stabilize.  Price action has been schizo.

We may be in a similar situation like the orange zone where we had a false signal then metals rallied.  I am pretty fed up with my GLD/ GDX longs and perhaps that will be a turning point!

No comments:

July 11 - GLD sucks

stopped out of GLD yesterday for -25%.  Holding off on reentry and maybe will enter if we drop another level. SPY on the other hand is crus...