Monday, February 8, 2016

Feb 8 - More downside ahead

SPY is about to retest lows where we might see a reaction.  But given that the PMOBUYALL signal just triggered on Friday and the oscillators on the daily SPY/ VIX are nowhere near topped out we are probably looking at more downside.  I continue to hold short SPY.

Very close to support where a bounce is possible but we might just blast through it as downside momentum has really picked up.

CCI/ stochs are at least 3-4 days away from bottoming, probably closer to a week at current pace.
 VIX also miles away from maxing out stochs which almost always needs to happen before an intermediate term bottom occurs.  We are close to the upper BB which could cause a reaction.

This sell signal just triggered Friday.  Too early to buy.

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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...