Sunday, February 7, 2016

Feb 7 - Bounce possible but trend is down

Although we closed very oversold Friday's close and have a potential buy signal on the hourly across the indexes, a lot of technical damage was done and am seeking a retest of lows in SPY even if it is a choppy on the way down

The Dow has been by far the strongest index going up, while riskier assets like tech and small caps have lagged

 QQQ almost retested lows and due for a spike up but probable it won't be a sustained one
 SPY at important support.  What was bearish was the failure to max out the oscillators before going back down recently.
 IBB again presenting a good bounce opportunity but it will probably need to be a quickly executed trade to take profits as tech in general is weak.
 HYG confirmed the move down and has bounced down from the 50 RSI line

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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...