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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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...