Friday, July 22, 2016

July 22 - Buy the dip!

I rebalanced my longs and took off the XOP calls which I sold for a 1/3 loss and put them into QQQ calls.  I still think a big move up in XOP is lurking but I am going to wait for oil to stabilize.
Edit:  Just re-added smaller position of XOP calls on the oil bounce.

The strong USD is throwing a wrench into the XOP setup for now.

Otherwise it is risk on now.  Tech and small caps are leading.

VIX was rejected

SPY recovered yesterday's losses

I think a lot of people are focused on the low volume but if we are consolidating for a move up this is not unhealthy
 RSI overbought but QQQ keeps grinding up.  I don't see negative divergences here.
 NYA my proxy looks like consolidation

This was disappointing.  I had my stop set at the lower trendline and will wait for it to stabilize.

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...