Nice Winners in a Slow Downtrend #SassyMusings 8/7/14

  • Very interesting the way the sell-off happened today. The first time SPX was making new lows, but there was divergences with breadth and some momo stocks either going up or holding well.
  • Second time was a bit more pronounced, but still not crazy heavy as we have seen before.
  • As I’ve been saying one of my first targets this week was 190 to 195 on SPY. We made it to 190.55. I have no idea if that was the low before a good bounce or a bottom or whatever, but open minded to it all.
  • I’ve also said that I’ve been taking it very light and only trying to capitalize on large moves. This week I have been very patient and got rewarded today with good returns in FSLR, SCTY and NFLX & LNKD (the last one I came in with this morning).
  • I will be taking a look at open interest charts tonight to see what kind of action I can game with those weekly options.
  • So far the highest put strikes held up SPY and QQQ. spy.8.7qqq.8.7
  • Chart of the day: Here is an updated SPY chart of where my first target was that I posted this weekend. How nice is that?Screen Shot 2014-08-07 at 4.00.16 PM
  • Tweet of the day: didn’t laugh from any
  • Regret of the day: none – good week so far

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