Apologize for not posting last few days. Haven't been the best trading days for me as i was caught holding shorts expecting a deeper correction but market has been on a run. I was stopped out on most of my shorts, just holding VXX long. Added a few longs today but timeframe is very short. So where do we head next? I think the chart i posted back in early Feb on SPY roadmap is still in play. We have SPY all time high level of 156.70 in the range now and also measure move to about 158 level that could work out. Dollar continues to hold strong and could push higher to 22.65 level. Commodities are also in bearish pattern. With all these divergences, I'm still of the opinion the upside here is pretty limited so continue to hold very small positions.
Here are some charts and levels to watch --
Resistance - 154.65, 155.20, 156.70
Support - 153.25, 152.86, 151.40, 150.45, 149.60, 149, 148.42, 147.25, 146.30, 146, 145.60, 144.50, 144, 143.06
Holdings
Long - ARNA, VXX (23.70)
Short - RKUS (Holding from 20.60)
Added - BBRY (13.15), MBI (12.45), MCP (6.01), CLF (24.50), MELI (90.10)
Trade Ideas -
GLD - looks ripe for a bounce
SPWR - Bull flag - entry over 12.69
AVT - Entry on strength/volume
VCLK - Watch for breakout
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