Initial Trade Thoughts

The SPY looks set to open at or below the support of the flag, which if it moves below, could create the head fake catalyst for an upside reversal that I talked about last night, "the bounce".

I'll be watching 3C carefully, but if it plays out and looks like the bounce reversal could come of this, I will close the remaining short ETFS that I accumulated last Wednesday and sold part of on Friday. I may even open a very short term long trade using leveraged long ETFs like TQQQ, URTY, UDOW, UPRO.

These would be for what I see as likely a Bounce Only and I would be looking for an area of weakness to reinitiate my shorts at higher prices.

The possible long trades require you are nimble and able to close them out the same day if need be.

I won't make any moves until I see the underlying action, but this is what I'm thinking about as of now.

I'll keep you updated.