Thursday, May 18, 2017

May 18 - Bearish chop ahead

I got blown out of my FB calls and seeing a lot of red across the board.  I think today is just a bull trap to get the late to the party for the 'Buy the dip' buyers.  Also sold GLD/ GDX longs a couple days ago, unfortunately right before the big spike yesterday.

Shorted SPY near close for fri/mon hold. Yesterday's readings, advance/ decline ratios, TICK, weren't in freak out mode so don't think we have a bottom yet. Leaning towards some ugly chop at least for a few weeks. so so seasonality ahead also. I'm sitting in the most cash since fall of last year.



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