Monday, July 11, 2016

Jun 11- ATH's SPX - more upside to come

Amazingly the market didn't much of a reset period to recover from Brexit which I was thoroughly expecting.  I am flat equities and still in SLV short.  I also added GLD short to balance things out.
There is serious buying pressure here and I am tentatively eyeing a potential pullback after OPEX (the week after is historically very bearish) to enter long term long positions in size.

I don't think it is crazy to think we could hit 230 in SPY.  The market has been winding up for a while and if FOMO takes hold, things could really blast off.

We are well over resistance and if we get a backtest of the yellow bar in the next 1-2 weeks I will be an aggressive buyer.
 Let's see if negative divergence takes hold here and like equities if we get a decent pullback I will go long.




No comments:

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...