We're long SPY, from yesterday's lows, aiming to ride the long term uptrend for as long as possible from here onwards. The signal we had was one of a major market bottom, so there is a significant chance that we don't see drawdown going forward, and just a steady trend. The weekly trends show very interesting signals, with confluence of a downtrend's time running out, while a new weekly uptrend signal can confirm next week, and while longer term trends are at play, implying upside can be quite steady and significant for a long time.
Best of luck,
Ivan Labrie.
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One more week left for the rally in SPY, then it could correct for 10 weeks We will hedge our portfolio next week.
There's a distinct chance we see a significant correction now.
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SPY can drop 5.08% from the top during the next 7 weeks We will monitor the action to enter longs at the bottom.
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I think the correction might have bottomed. Let's wait and see...since sentiment recovered, I started buying back into hedges, after going long quality names at the bottom.
I figure the correction will start when DAX completes the H&S and GAP fills. That should make all US Index's drop. My opinion....
IvanLabrie
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@1030fx, DAX looks risky for sure...let's wait and see. I have some hedges already, but I'll also look for short candidates and add to metals. Profit in the long positions is very good, so, better safe than sorry.
coolingla
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Good job Ivan! You certainly have some distinct talent in trading!
zhsloe
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What do you think about VIX being so low? As I see it, if the rally is to start, it needs to be in the next weeks and if that happens, VIX is going to be like... 5-6 before September? I mean, is it possible? :D