May be I jumped the gun but need to protect profit.
The markets are way overstretched. Stochastic RSI is stuck over 100 in the SPX hourly chart.
Although I know more upside is to come, need some decent pull back. Today being a major accumulation day, we can expect some selling tomorrow.
I have closed my long position and will again enter long on weakness;
Sold the following:
The markets are way overstretched. Stochastic RSI is stuck over 100 in the SPX hourly chart.
I have closed my long position and will again enter long on weakness;
Sold the following:
- XLF $13, Feb 2012 Call @ $0.48
- QQQ $55, Feb 2012 Call @ $2.53
- FCX $37, Feb 2012 Call @ $2.91
- SLV $29,Feb 2012 Call @ $1.75
- TBT $18,Feb 2012 Call @ $1.29
- SSO $44, Feb 2012 Call @ $3.65
- TNA $41, Feb 2012 Call @ 7.59
The trend is up and will definitely get back to the long side. Waiting for good opportunity.
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