Errr, the handful of longs I picked up (GDX, SLX, USO) ain't lookin' so good right now! Mercifully, the 134 shorts I've still got balance them out handsomely. All the same, although I felt the first leg of this move (that is, the leg down to about 1050) would have some pauses in it, those pauses seem few and far between.
I went through all my unallocated charts last night, and I set aside 34 in the bull pen and 174 in the bear pen. Clearly there are many more bear setups (presently or, as I anticipate, after a bounce) than bull setups. As for today – – personally, I prefer getting bounces out of the way earlier so we can short into them, so starting the day off with a 20-point /ES wipeout is, in a way, more challenging.
Anyway, same old, same old for me……..go through both bull and bear pens to look for immediate opportunities. Good luck, and mega-congratulations to any of your crazy May put owners out there!
