Closed SPY short on open and to be honest, I have no idea where equities are going to go. My best guess is a lot of whipsaw over the next month and a generally difficult swing trading environment. I am probably going to sit on my hands on the equities front unless we get close to the upper or lower ends of the wedge and enjoy the summer until the range becomes more clear. I am guessing one of the two will occur.
1. increasing volatility and a break down later this summer/ Sept
2. decreasing volatility to set up a diamond consolidation pattern then ATH's
These are the 2 conceptual frameworks I am working from so far.
Call buying has come back and very good chance of a pullback here
Probably 2/3 of the options account is in banks. Maybe 1/2 regionals and 1/2 XLF, C, BAC. Expecting another run up in equities into Augus...
Jun 10 - More bullishness but when is the pause/ pullback coming? Currently long C, BAC, DAL, JBLU, MARK, IGT, PYBI, FDXI botched my financials short trade and didn't close them the day after when I was up 70% and ended up taking a 50% hit the next day. F...