August 24, 2017

FXI Trade looking up, while SPY and TZA positions still down.

The FXI trade that I placed yesterday is showing great promise after the surprise rate hike by China that was announced early this morning. Now  if the S&P 500 (SPY) could follow suit it would be a wonderful day. The gap closed in AAPL so now I think we could begin to see the downturn that we bears have been anticipating. The $116.72 area is still acting as a strong area of support (hit it again this morning) so that would be the first obstacle. If SPY can manage to push through that area then I suspect that we could see a decent move to the downside. However, if the market is able to pick back up and move above the $118.70 area then I think all bearish bets are off. I have so much to say, but not enough time right now, so stay … [Read more...]