Thursday, June 16, 2016

Jun 16 - Closed shorts

I got stopped out mid morning on the gap fill on my shorts and now eyeing longs.  We didn't hit the low 200's in SPY so I don't have total confidence in a short term bottom but seeing some promising things so far today.  My guess would be a bounce then a bit more downside before bottoming but for sure the easy money on the short side is over.  If SPY closes slightly in the red, I will go long for a potential bounce tomorrow.

CPC is very high at 1.41 which means fear is in the market and we are due for a bounce.  Exactly when I am not sure.

Potential consolidation for a breakout

 Looks like consolidation here also
 Positive divergence on hourly

 still in its channel so we could still go down
 This is extremely promising as bonds are overbought and lining up for a breather


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