Monday, February 1, 2016

Feb 1 - Consolidation day

Going to admit I really don't know where the market is heading.  Could be anywhere from 195-200 in SPY.  I am waiting for the following to entertain short positions

- overbought stochs/ CCI on SPY, VIX daily
-overbought SPY hourly
-relatively weak volume on SPY on positive days, preferably a day to day drop off on positive days

Would like to see how the market reacts once we hit the orange block but we look close to becoming overbought on stochs
 Right up against resistance so it isn't inconceivable that a downturn starts very soon
 VIX if we have a close that hits the trendline and penetrates the lower BB, I will definitely go short.  The stochs/ CCI are already in sell mode but going to wait on this as SPY isn't quite there yet
 NYMO overbought and in sell zone region but like VIX, going to wait on SPY to give me the overbought signal on the daily




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