Monday, May 9, 2016

May 9 - Exited longs this morn, still long UUP

I didn't like what I was seeing as there were clear distribution spikes on the 5 min chart and we might need some retests/ more churn for this move to get moving again.  I am still bullish short term but would like to a safer entry point.

Re-entered GLD short at 121.  Looks like GLD finally doing what I thought it would as I got faked out Friday.  If I was on the ball, I would've re-entered with small position short at end of day Friday but at least today as acting as confirmation of a potentially big move down.  I think there is possibility it hits low 110's.






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