Friday, September 30, 2016

Sept 30 - More chop in equities

Not unexpectedly we got faked out again with an up day after yesterday's bearish action.  Not sure what to expect here but I would guess a bit more upside on Oct 1 and then a more decisive break in either direction.  Closed LN short for small gain and also 1/2 TWLO calls for a small loss although if we trade flat in TWLO on low volume I may look at buying stock EOD.

Right now, long WFC a pretty solid chunk of Nov/ Dec ITM calls, modest GLD long, small TWTR puts, and small TWLO calls.

Looking for a break in one way or the other

TWLO seems soggy and I was leaning towards a gap and go which didn't have this morning.
 Overshoot and this needs to stabilize quickly.  Lots of positive divergence here which is a plus
 Long GLD and looking for test of upper trendline

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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...