This week I will be on business travel. Fortunately, my departure time is this afternoon. So this morning that I am able to trade.
Is there a correction coming for the market? The way I am seeing right now, I am not sure. I am playing this by ear. There is a huge gap for SPY between 106 and 107. If the market bounces off this level very strongly, then the market is ready for the next leg. If it breaks below it, then the market is in the correction phase. Again, look for clues.
Watch for oil play, check out USO. If USO bounces off from 35 and 36 level, then it is very likely the SPY will bounces off from 106 to 107 level.
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I just covered my short position on SPXU at 39.15.
ReplyDeleteSold my GLD 106.55.
ReplyDeleteOk. I am on my way out to the airport. I have to fly from New Jersey to California. I don't have any open positions. I will periodically post on the blog whenever I have a chance to access the internet.
ReplyDelete