Tag Archives: spy

Wild SPY Ride

I took some puts on the SPY on Friday’s b/s joy fest and woke up on Monday ready to see red… in the markets.  Instead, what I saw was index futures up 1%+.  I saw red alright.  But I held on because yesterday just didn’t feel right.  It felt like a bull trap.  Here’s the wild ride in the SPY puts I held *.

spy.put

* I say “held” because not being a river boat gambler (or even a particularly good trader lately) I took the flash profit this morning.  I hold a few other less dangerous bear positions pending the October view, which I am nowhere near convinced will remain bearish.

Also, I know this was not called publicly so feel free to disregard it.  This is not a site for casino calls anyway.  There are plenty of those out there. 

NFTRH; Key ETF Update

A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…

GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180.  Over sold, prone to bounce but technically bearish below 120 and 123.

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Short SPY

Market godz help me, but I just shorted SPY.  No leveraged funds, no options, just a straight short that I hope to be strong enough to hold because we know how these things usually go.

It is not so much the nearby SPY target that I am looking at as it is a constellation of indicators that show market sponsorship eroding.  This joins my only other shorts, which are in the precious metals [edit: much less short the precious metals now :-) ] and are of a very different orientation than this one on SPY.

spy

NFTRH; Key ETF Charts

Key ETF charts are a snapshot to current technicals, not comprehensive technical analysis.

GLD bumped above the lower end of resistance yesterday and is support for any continuing S/T rally activity.  The big test is in the 123 to 125 area and the nose of the former Symmetrical Triangle.

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