Tuesday, February 9, 2016

Feb 9 - GLD potential short, equities churn

Unloaded the QQQ longs on the SPY gap fill and now flat.  Would like to see SPY fill the gap above to re-short but will wait for now.  GLD as a short term short looks very interesting although it does look like there is potential for GLD to make a long term breakout.  Until it does though, I will still play both sides of the range.

I would prefer to see a gap fill before re-shorting.
 GLD might be setting up for a pullback that could last a few weeks.  I am waiting for more churn on the daily before stepping into this one as it has shown good strength.
 VIX although at upper end of range hasn't topped out on oscillators which makes me think there is more downside ahead in equities, even if not a huge amount of downside.

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