August 24, 2017

Bullish – Bearish – Bullish – Bearish

On the Tuesday before Thanksgiving I turned into a short-term bull. The High-Probability, Mean-Reversion Indicator had pushed into a short-term oversold state with readings not seen in months and as a result, I bought a few, two-month out calls. I recently sold my calls after the huge advance last Wednesday in the HPMR strategy and now I find myself back in the bearish camp.

Over the past several days the market has struggled with what seems to be an area of strong overhead resistance. The struggle follows the huge gap from last Wednesday. Couple the aforementioned with the short-term overbought extremes in the market and I expect to see another short-term pullback over the next few trading sessions. It is my hope that the market allows me (by opening higher to flat) to enter into a few short-term positions tomorrow in both of the options strategies I follow. Subscribers stay tuned!

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