Today started off great, but as soon as we tripped the 4.5% pullback area, along came the algos, and as of right now we’re putting in on sick reversal hammer. SPY came all the way down and past the 150ma, which was the point in Feb/March where they stopped on a dime and ran it up to new highs. Well, its looking like the start of a similar pattern.
Right now the trend is still down. All my indicators say so, but the algos do what they do, and for right now I decided to take some off the table, leave small positions, and see what happens. If the reversal holds, then its time to go long again.
So lets go to the scoreboard:
$BIS – cleared out, small win +1.5%
$SDS – took off most, +2.4%
$SQQQ – took off most, +4.5%
Combined, the win represented a 2.9% win for the roll this month.
