Tuesday, July 12, 2016

July 12 - 225+ SPY on the way

We are insanely overbought here on  short time frames so wouldn't be surprised and actually would like to see a pullback to go long equities but not sure if the market will cooperate.  That said, I am not going short for now.

Still short SLV/ GLD.

If we retraced to the yellow box, it would be a gift for longs.  I would be an extremely aggressive buyer at that level.

Also looking for a retrace here.
 VIX is looking strong today increasing the chance of a pullback

 Negative divergence still developing but price hasn't confirmed in a robust way yet.  I am considering that perhaps we correct sideways through time rather than price.

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...