We might fall more but I am staying out of equities as the signals were not strong enough in either direction.
For sure, damage was done today by the trendline breaks in RSI in the SPY daily. We get another day with selling significantly higher than 100MM volume, I will be firmly in the bear camp. So still waiting to put on that larger short position.
Underlying indicators such as HYG (junk bonds) and $TNX (treasury yields) are negative though.
Still hanging onto an underwater NUGT short and will give it another day.
Tuesday, April 5, 2016
Apr 5 - Equities weak but not conclusively leading towards more short term downside
I have been stopped out twice in last few weeks trying to short GLD. I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...
I am liking the set up for XLE a lot now and XBI I am hoping for some settling so I can board the train. Maybe within 1-2 weeks? Missed ...
Didn't make any changes Fri except close the GLD short as the miners + silver started showing strength and an oversold signal on the 2 h...