Well that was an interesting close... the market went two standard deviations out this week without even looking back. Very, very unusual it does that. They are running things way to hard. You will not catch me putting a single dime in investments at these prices... heck, you would never catch me going long on a trade either at this point.
Anyway... market is looking at the box without a big red x on it. lol. It hardly ever gets out of it and stays out of it. Could we run up to the 455s? If we did, there is something to be very concerned about. Pullback... I would love to see us break this little box to the downside this week but no guarantees on that! What am I doing? Some stuff that I can get out of.. I may and just pack it in with the market for a bit. When things dont make sense, being out of the market is perfectly fine. I have been short many things since January. I will let those ride for now since they are massively green and I do not feel this is legit at all. The market will be tumbling much more... it's not even close to bottomed. And I do mean not even remotely close. Whats going on? Who knows... lets just say and I am borrowing this term from someone... fuckery.
If the market requires more than 1/2 hour of my time a day, its not worth being in. If the market is not stable, its not worth being in. Who needs to interrupt their day because the market is misbehaving? Not me!! Anyway.. positions I took this week and am red on.. I will be patient. Some are panning out ok and I can see the fall they are about to take. I am leaving those. AMZN, QQQ and SPY are my concerns. I will wait for the pullback and get out what are the new positions.. the QQQ position I took in January in the high 390s.. I am leaving that open.
Iavon often speaks of UVXY and likes to think its an inverse to SPY. If you feel that way, I think a little down in the 14s and its going to start moving up.. which if you have this belief, SPY should then be dropping. I am not a fan of that logic but just throwing it out there.. Anyway... I would not panic but if you can get out green, maybe its worth stepping aside for a bit. Set some alerts.
UVXY's chart..
Anyway... market is looking at the box without a big red x on it. lol. It hardly ever gets out of it and stays out of it. Could we run up to the 455s? If we did, there is something to be very concerned about. Pullback... I would love to see us break this little box to the downside this week but no guarantees on that! What am I doing? Some stuff that I can get out of.. I may and just pack it in with the market for a bit. When things dont make sense, being out of the market is perfectly fine. I have been short many things since January. I will let those ride for now since they are massively green and I do not feel this is legit at all. The market will be tumbling much more... it's not even close to bottomed. And I do mean not even remotely close. Whats going on? Who knows... lets just say and I am borrowing this term from someone... fuckery.
If the market requires more than 1/2 hour of my time a day, its not worth being in. If the market is not stable, its not worth being in. Who needs to interrupt their day because the market is misbehaving? Not me!! Anyway.. positions I took this week and am red on.. I will be patient. Some are panning out ok and I can see the fall they are about to take. I am leaving those. AMZN, QQQ and SPY are my concerns. I will wait for the pullback and get out what are the new positions.. the QQQ position I took in January in the high 390s.. I am leaving that open.
Iavon often speaks of UVXY and likes to think its an inverse to SPY. If you feel that way, I think a little down in the 14s and its going to start moving up.. which if you have this belief, SPY should then be dropping. I am not a fan of that logic but just throwing it out there.. Anyway... I would not panic but if you can get out green, maybe its worth stepping aside for a bit. Set some alerts.
UVXY's chart..
Note
I like UVXY in the lower 14s.. why? It has a nice trendline support there, an ascending one. 2) It fills a gap, a gap that fits the pattern. 3) it fits right into what the market is looking for. And fundamentally, although that means little to nothing to the market, it makes sense Am I taking it? I had planned to be a buyer there but not with QQQ and SPY positions taking this week red. One thing at a time. If I wasnt in SPY and QQQ this week and had it go red.. yeah, I would have be taking UVXY when it hits in the range of 14 and 14.20ish.Note
See that red arrow.. I bet we are back here by end of month, if not lower... 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.