Stocks have become more mixed as they've rallied today, in that they've looked too strong short term to sell and too negative longer term to buy. Here in the low 830's is a good place to enter longer term option positions, buy puts and sell calls. But the intraday stuff is not likely to turn negative before I leave for the day. Aside from the technicals, we've been down seemingly every day this year and it feels like we need to correct higher. Crude has reversed nicely and may rally intermediate term to 53. Gold has broken out and may have a more sustainable move higher. Higher commodities seems to have a positive correlation with stocks. I guess I'm not as bearish as the charts suggest.
I'll post any changes, otherwise, have a great weekend.
Posts
