IOC Update

IOC was an equity core short position, I closed half of the position yesterday for about a +22% gain at nearly perfect timing and I'm closing the other half today. I will re-enter IOC as an equity short, but like many market signals, it too looks like it has upside ahead of it and I'd rather take the gains now and re-establish the short at higher prices.

 The gain in IOC once covered will be just about +17.5%, I could have covered the entire position yesterday, but I though I'd see how it responds and ride out half and add back the other half. However from the chart below, I think it is better to take all the gains now and re-establish a short equity position at higher prices which seem to be clearly coming.

IOC 15 min has had time to build a decent positive divergence, I think it will make a great short on a move higher, for now though, it has been a great short and I'll wait patiently for the next opportunity.