Jul
23

Breakout on IYT

All I can do is watch. Breakout on IYT in spite of bad earnings from UPS. Completely foolish to get long the market after 12 up days on the QQQQs. You don’t even need an oscillator to measure it. However, no good reason to short the market. Perhaps if RSI on the QQQQs runs up to 90 I’ll get short.

What a year this has been. I’m now only 8% invested with my IYT short getting stopped out. I think I am currently up $25 dollars today.

On Sunday I talked about the scenario of the remaining bears with stops around the June highs causing a run to 1000 on $SPX. Well here it is.

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