Seeing a lot of people positioning themselves for a FOMC/ OPEX bounce and given how oversold we are on the hourly and 2 hr frames, it is not unlikely and probable. I am not anticipating a sustained bounce as 7 out of 7 times VIX has spiked as high as it has, we have seen the following on the daily (highlighted in the yellow boxes)
-stochs < 20
-CCI < -100
-very close to or touching the lower Bollinger
before a reversal
So I am guessing we have completed the 1st leg down and the 2nd leg will bring us to the low 200's in SPY, maybe sometime next week. If it happens I will be looking for long setups.
Tuesday, June 14, 2016
Jun 14 - Potential FOMC bounce/ short term oversold but down trend still incomplete
Jun 12 - Sold $GOOG, $AMZN, $MARK, $IGT calls expiring this week, added July $GPS, $AAPL puts and $GLD calls
Lightening up today and yesterday a lot and have some of the holdings as puts. $FDX getting closer to retesting highs. $SPY close to 2...
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...
Jumped back in on the open as it looks like we have a short term trend change. Annoyed it decided to leave without me but worth the chase a...