The usual 11:00 rally came through and ran the market back up to the SPX 900 area which should now be fairly strong resistance. Here’s a 5 minute SPX chart. I redrew the bear flag to be a little larger but the top line has contained it so far:
Volume is light and the XLF refuses to break higher. The rest of the indices will have a tough time going higher w/o the financials. The VIX, however, has not been rising and that’s a little bit troubling if you’re heavily short. I’ve been playing with a few positions today but will be going out mostly flat with a few short positions and a few longs as well.
I began scaling into TLT puts today, and think this is another play that’s going to pan out, but it may take awhile.
And here’s the 12:08 selloff coming… lol, the low volume and XLF were the give aways…
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