Tuesday, April 12, 2016

Apr 12 - Potential leg up forming in equities

Equities is doing what is enough to set up another move up as it cracked the trendline.  Not a given but the market is hanging around and has been for a couple of weeks.  The last few days excluding today have looked like distribution but this range keeps holding.

Most indexes look like the consolidation could continue or break up.

Very possible to get to 208 in SPY where I would be surprised not to see some more consolidation/ resistance.  At that point, I will reassess what the market says.

QQQ also consolidating

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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...