This is what I was talking about since Monday night developing Tuesday and in to today, a bounce, but short duration, it has to be as the accumulation period is limited.
You can see it clearly on Index futures and averages, but here are the index futures and the reason I chose to take an -8% loss on the VXX calls until this is over, in fact I'll likely open them back up in to the top of the bounce.
I closed this position, might as well take a small loss and re-open the position at more favorable conditions considering the charts below.
ES (SPX Futures) 5 min chart with a clear positive divegrence, this is what was developing yesterday and what was expected as of Monday night after that nasty day down i, especially in the IWM.
NASDAQ 100 5 min futures 3C leading positive
Russell 2000 Futures 5 min leading positive.
Note the flat or lateral area we expected to see on Tuesday (as of Monday night's post) and that's where the accumulation took place yesterday as we tracked it real time so I haven't given up on SPY or AAPL calls.
No comments:
Post a Comment