Thursday, July 21, 2016

July 21 - Consolidation/ mild pullback

I am not expecting the bottom to fall out here and the best thing for the bulls would be to see consolidation in SPY/ NYA to establish camp.  I am still long QQQ/ XOP and not planning on making any moves soon.

This has been my proxy for the overall equities market and so far nothing scary...yet.
 Downward volume is not strong which is a plus for the bulls

QQQ pulling back and so far ok but would be problematic if it fell much further below recent consolidation
 SPY dipping into its recent consolidation zone.  Revisiting previous stabilization zones isn't good.
 USO still coiling and hoping this gains traction for the XOP position

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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...