As I mentioned on my Sunday Night Coffee post, I have some other matters to attend to this week causing my posts to be later and shorter this week. I did want to check in with my readers as I try to do everyday.
As I mentioned in my two prior posts, it looked like we had two indecision days in a row where the open and close were about in the same spot. Today the headline news about the uptick rule and the mark-to-market meeting came out along with “positive” Citigroup news breaking the indecision. Today we shot up from the 671 FL just past the 715 FL. This also broke the downward trendline. Volume was good today as well.
The only trade today was a stop out of BLK (again). That stop out makes me even more delta long.
Please note that critical support levels were broken on the precious metals today as well. I’m really liking my GLD short right now.
- I did not get into the IYR short today. I think I may just stick to playing the index shorts if we move higher.
- I’m looking to add back some SPY short at or near the 746 FL.
- Keeping it long for now.