Friday, February 24, 2017

Feb 24 - Indexes consolidate/ pullback, retail sector gaining traction

Sold 2/3 LN and probably looking to sell the rest today.  GLD made a new high which was unwelcome vs my GDX short but I am hanging on here as the negative divergence seems pretty strong.

Nice spike today and I doubled my Mar LN 40 calls

I don't like how GLD is creeping above resistance but will hold my GDX puts for now

 GDX struggling at resistance
 Very strong negative divergence in GDX vs GLD.  Also seeing GDX sell off intraday.  I am leaning towards GDX breaking down not catching up w GLD
 I will be a big buyer in BIDU once it hits 170

JWN is churning a lot which is making a good base to make a move up

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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...