Dollar futures /DX is headed up to 81.63 resistance. When it gets there, I will buy GLD for a snapback rally I also think we will not break the Oct low in this leg down. jimme GLTA
Still long.
My mechanical model went to a sell signal on yesterday's close, but it is hard to tell what role opex is playing.
McClelland Oscillator and 5 day avg. TRIN looking oversold. So, if I can, I would like to see some post opex trading before pulling triggers.
That said stops are in place to hedge, and I am likely to be short on a close below the rising bottoms trend from the October low.
Worth a mention that SPY goes ex-dividend tomorrow (I think).
Bottom line though is that the action yesterday in US$, commodities and treasuries was all equity bearish. Follow through will be telling.
Blow off santa top on low volume will lead to some pain next year. All IMO of course. Not front-running because that is a Cobra no-no, but keeping this in the back of my head. A hard fall below 1200 without a quick recovery and all bets are off.
Been super busy so holding longer rather than day trading as much. Still have my Primary Count aiming for a little lower around 1,203 at least on SPX. As usual Op Ex week looks like it will mark a turning point (at least expect it will again).