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.

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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...