Tuesday, December 29, 2015

Dec 29 - Nice pop in equities but will it last?

Very strong move today in equities but very overbought on short term frame.  Sold GDX quickly after open after GLD started dipping for a minimal gain and also SPY longs picked up at close yesterday around midday (a bit too early..).   At close picked up ERY for a short term trade, probably only a day or two based on XLE's relative weakness despite the strong day in equities and oil.  I am slightly bearish (not expecting a big move though) going into the year end and only have a small batch of GDX spreads for next Jan/ Mar.

Still consolidating for a move up but also as it has been so long there is possibility of a spike to downside.

Will GLD get moving?
 Some negative divergence but nothing super strong
 Broke out of the wedge but not trusting it and will wait for more info to take a position
 USO had a nice bounce but it isn't having those violent big candles so I didn't hop back on.
 VIX printing reversal candle which could foretell some weakness for tomorrow.


jim said...

Thanks for the comments
Appreciate your work

Have a happy new year!

Greenlander said...

Thanks Jim, Happy New Year to you too!

Aug 25 - Re-entered (again) GLD short, long LVS, AMZN, NFLX, SHAK

I have been stopped out twice in last few weeks trying to short GLD.  I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...