Sunday, April 23, 2017

April 24,2017

Wow a third of the way through 2017 already!

I have been too busy to keep up on news events and the like. All I see is that higher high coming and with what futures have done this evening it has to be completely on the table (doesn't look like a bull trap at this point). The SPX doesn't have to do much more than hold the 2363-2366 area to stay above the down trend line so with FOMC in a week and a half ya may as well hold on.

They played around all week trying to allow it to fail but there just aren't any interested sellers the way I see it. Still reminds me much of the Nov 2012-May 2013 run as I had mentioned before. I am currently flat any option trades. Still hold ABX and NEM in the other account but as far as jumping into something now it will be later in the week before I make that decision and have time to actually study something. Friday I had gotten in with 9 minutes left in the day and considered grabbing some June shorts but didn't like the looks of the line it was holding off the  Dec FOMC high and that Jan 26th high just prior to the Feb FOMC. Right now it looks like I made the right choice.

Stay safe and be smart on the bearish side is all I have for now. Weather appears to be allowing me some time later in the week. Before that I gotta get done what I can. Keep 'em Green!

As usual enough damage has been done over time to allow a true divergence to set itself up. As they say.............Wait for it..........