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I've looked at hundreds and hundreds of charts this weekend, and I am neck-deep in fantastic opportunities for shorts and puts on Monday. I'd love to see the S&P inch forward to ~905 before weakening again. I have disposed of all index positions and am probably going to focus much more on individual issues in the near-term as opposed to big index moves.
I'll share some of my ideas on Monday morning.
One trade I'm considering is entering China on the short side. We've come off some very battered levels in a very short amount of time:
Bulls are very much swimming upstream on this one; this index has climbed nearly 40% in just a few days – – the kind of action you'd expect to see in a countertrend bear market rally. Here's another view with the FXI:
As you can see, we're getting close to the 50 day moving average for the first time in a while. The scary thing is how wild the FXP, which is the ultrabearish ETF for China, is behaving. This has plunged nearly 80% (!) just since the highs of last month:
I think I'm going to wait for a little push higher in the markets before I get serious about this. All the same – – food for thought.
