optionman's Account Talk

[optionman]

Ift0911

Bears have tried 3 times in the past 3 weeks to take the SPX down but couldn’t do it. Now it appears to be consolidating and looks as if the breakout may be to the upside rather than down. If it does break out small caps should follow suit so I am moving to 100% S fund today.

 

[airlift]

Re: Ift0911

Bears have tried 3 times in the past 3 weeks to take the SPX down but couldn’t do it. Now it appears to be consolidating and looks as if the breakout may be to the upside rather than down. If it does break out small caps should follow suit so I am moving to 100% S fund today.

Hi Optionman,

Just to clarify that your posted IFT says 100% in the I fund... Good Luck!

 

[Uptrend]

Hey Optionman Enjoy your posts, and respect your opinions and positions.

I assume the gray ovals in the chart below are the 3 bear attempts you were talking about. Consolidation is ongoing as price has slammed into a main resistance line. There has been a pattern for several weeks on selling the dollar on Sunday night and markets jumping on Monday (you can see that on this 60 minuete chart of SPX). Will that happen this coming Monday or has the dollar bottomed, is rising now, and will put pressure on the market, as it is doing today?

View attachment 7426

 

[optionman]

Re: Ift0911

Hi Optionman,

Just to clarify that your posted IFT says 100% in the I fund... Good Luck!

Airlift,

Thanks for catching this and pointing it out. I did enter the S fund. Made a mistake in entering it in autotracker, just made the change.

 

[optionman]

Hey Optionman Enjoy your posts, and respect your opinions and positions.

I assume the gray ovals in the chart below are the 3 bear attempts you were talking about. Consolidation is ongoing as price has slammed into a main resistance line. There has been a pattern for several weeks on selling the dollar on Sunday night and markets jumping on Monday (you can see that on this 60 minuete chart of SPX). Will that happen this coming Monday or has the dollar bottomed, is rising now, and will put pressure on the market, as it is doing today?

View attachment 7426

Uptrend,

Thanks! Yes those are the areas I was referring to on the SPX. The consolidatin has put the SPX in a tighter trading range now in between 1080-1110. It could still break to the downside, but the resilience of the bulls leads me to believe the breakout will be to the upside.

As far as the dollar I've been a bit concerned with so many folks being so bearish on the dollar for so long. On the chart below notice how while it has been falling the MACD histo has been rising suggesting the bears are running out of steam, combine this with the MACD signal lines forming a bullish divergence over the past few weeks and one could conclude that we may be seeing the dollar gain strength and it could power its way up a bit from here. This was in part why I chose to move to the S fund vs. the I fund.

View attachment 7452

Chart courtesy of stockcharts.com

 

[optionman]

IFT

Selling weakness, moving to 100% G Fund