Lets look at the S&P. We have a nice long term wedge forming, and if you break it down the purple trendline shows a tighter wedge being formed. We have failed to get above the purple trendline, 3 times already. I would call that resistance, but wait there is more resistance at the 20 EMA, the 50EMA and the larger trendline down. So the bulls have their work cut out for them, because if you look where support is, its the bottom of the wedge and then Nov lows.
On Tuesday I said I wanted to get long USO. USO actually came right to where I wanted to buy 28.11 but I didn't pull the trigger. I thought about it a little more. USO is forming a nice descending triangle and using that triangle risk/reward, was almost even. Now waiting a couple days, I might have been right. The Euro also looks like it wants to bounce, which could send oil down more.
I will wait to see if it breaks out, if it does ironically energy/oil could lead the market higher. People must be taking CRAZY PILLS!!!!
Also I am short M, from 8.55 and 8.99. Huge size came in yesterday at 9.00.
I am moving my stop on AF to 8.04.
I am only holding these BWLD puts because its a tiny tiny position and I hate this company so much.
