Tuesday, January 26, 2016

Jan 26 - Back over resistance

Market staged a huge reversal in futures overnight and the open (so far) has been strong.  If SPY can close 1%+ it will undo most of the damage for yesterday.  As everyone knows oil is a big driver and quite honestly I will be happy to see more of a disconnect between oil and equities as we are seeing a huge amount of chop.

The channels are still intact and my retest of lows scenario less likely now.

I'm long but modestly so via SPY 185 Feb 5 calls.  Will be looking to position more aggressively short if and when we rise up further.



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