The collision of global markets and social mood

Friday, June 14, 2013

Plans And Laughter

Asia and Europe are up solidly while the yen is still showing some weakness. The market has work to do that should be easy to take care of before noon so everyone can leave early for a nice weekend.

Not seeing anything that should deter a gap fill at 1642.81, so it would be a bad signal to me if it didn't get filled. I was even a little concerned that it wasn't filled yesterday afternoon. Also, the S&P stopped right at a 61.8 Fib extension. So yet again the market has retained its options.

The same Fib extension measurement projects to 1658.53. I'm trying to ride this minx higher into that area while keeping my powder dry for shorting until then. I do have a small SPXU position but not enough. I have a small VIX 17 put position along with SPY 163 calls that I want to trim this morning after a gap fill. Or so I hope.

Meanwhile, the lower targets have gotten lower. 1536.03 waits silently.

Man plans and God laughs.

No comments:

Post a Comment