Tuesday, July 19, 2016

July 19 - Inflection point

Looks like we are at a point where the market continues up uninterrupted or creates that pullback that many are expecting.  There are lots of points in equities and commodities that point to such a juncture.  I am biased long as I have XOP/ QQQ positions but am willing to accept a lower volume pullback as long as it doesn't accelerate into something bigger.

IBB may be consolidating or readying for a move down.  Coin flip here.  If it does blast up, QQQ will probably go with it.

SPY looks more bullish.  Small range and even smaller relative volume.
 QQQ in a upward wedge which I am not a big fan of as I am long QQQ but still may break to upside.
 USO tightening and we should get a strong reaction up or down following the crude supplies report tomorrow.

No comments:

Jan 20 - Equities caution signal, short SPY, NFLX

Call buying has come back and very good chance of a pullback here