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:

Aug 25 - Re-entered (again) GLD short, long LVS, AMZN, NFLX, SHAK

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...