Even with the USD/JPY now under $99 in a parabolic drop which I suspect is a lot of leveraged positions (up to 200:1 leverage) being forced to sell on the break of $100, I'm actually thinking about opening a SPY call and praying I get an XLF Put fill.
Take a look at the latest...
VXX is starting to go negative which is a market positive if it does
HYG should be selling off fiercely, instead it is ranging and going positive, also a market positive if it follows through.
The SPY divergence is getting quite large on the positive side.
The Q's are developing as well
As is the DIA.
From a technical perspective, there are a lot of small sym triangles out there that retail technical traders will take as continuation patterns, meaning a sideways consolidation followed by a new leg down and this market is really holding up considering assets like USD/JPY, as I said earlier, it looks forced, or manipulated.
I may enter some SPY calls, I'll let you know if I get that XLF put filled.
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