Wednesday, July 27, 2016

July 27 - Will FOMC finally break the range up and out for SPY?

Mixed bag today on all fronts.  Tech is up big and oil/ energy is getting crushed.

Still long QQQ (I unwisely meddled with my position yesterday which cost me several bps) and added SPY for a day trade with the stop set if we close below the consolidation zone.

Even if we break out, need to watch whether it is a false breakout or not.  We should break out strongly and consistently for today through end of week if it is for real.

NYA barely hanging in there

Increasing down volume which is a bit of a warning sign

QQQ just marching on up.  AAPL could be breaking up and out of a long term wedge which could carry the sector far
 HYG flashed weakness yesterday but that was only one day
 Bonds selling off despite today's down activity which is bullish
 Adding to the mixed bag, VIX is spiking up but let's see where we close
 Oil getting smashed.  Glad I am out of XOP but will take another look if oil stabilizes

No comments:

Jan 20 - Equities caution signal, short SPY, NFLX

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