The SPY 15-minute chart has the look and feel of a bear flag consolidation after this morning’s plunge lower, which means a bloody close is a distinct possibility, indeed for any trend day lower.
The move over $88 on the QQQ this week is also showing signs of being a bull trap/false breakout.
JO UNG are still two of the more intriguing long ideas right now, while F GM MS WFC, among others, are on the short radar.
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We’ll see. I’m really wondering if I should hold my May 17 puts into tomorrow. I’m thinking yes.
Thanks, Bruce. Buyers have work cut out for them.