After hrs selling pushed the SPY down hard on Tuesday. It continues on Wednesday. Today requires some shuffling of positions. I think there should be some sort of retracement up today. That would fit the pattern of the past year. Fed mtg is making for interesting mkt action today.
The VIX is at 17+, TRINs are breaking out. Excellent. Opportunity. I like it.
I am using this time to look at some directional plays and use Butterflies to take advantage of this “VOL”.
We had the Summer Solstice on Thursday, and my oh my how nice it was.
The golf courses are starting to get very nice. And summer parties abound.
I like the action of the day. Down pretty hard, and now SPY support @ 150.50. If it cracks below that 50 MA support, look out below.
The markets bounced back after a down draft this morning. Yesterdays 21 pt down move on the SP was stunned the players looking for a cup and handle formation over the time. The morning rebound has shown a piercing pattern up, and the next 15 minute bar is strong. With heavy volume. Is the selling done?
There are some brief sharp moves down in the mkt, but the mkt remains resilient. I my screens for Sept/Aug calendars are active.
Which way will it go? The market has slowed in Volatile action of the past few weeks. It is trending slightly lower. My impression is that we are consolidating after the big gains of the past week. This seems to be slightly bullish.
The markets seem to be digesting the past two weeks of radical action. I made a few small missteps of the past few weeks, however when all is said and done, the portfolio is up.
Summer is finally showing. I traded in the morning and place some good trades yesterday.
I walked about 8 miles in total. The mud season is over, and the Aspen have grown their leaves. It was beautiful. Also, most of the hike followed the river (which was raging).
The markets are shooting all over the place. Up in the AM after a big day yesterday. This bull is a strong one. It is pretty amazing.