First off, its good to be really busy with work... It lets me take a break from the day to day noise in the market.. You can out think your own trades by being too close to the action... Gotta step back every once in a while..
So, without knowing what is going on in the world, because I just don't have the time to read/interpret news lately, I can see the following chart pattern's taking place...
Q's double bottomed at 2155 and 2167. 1st bottom trough was much larger than the 2nd trough that is forming now.. 2nd trough is rising towards zero line, so could be a stopping point once at 0, but it looks like we could make it to 2475 before we stop heading higher..
XLE looks like the 1st trough has formed..waiting for a reversal to jump in..could be a plunge to 70-69, before reversal.. lets see, if that happens, that means USO falls further, XLF rallies, and Q's rally...hmm...
Speaking of XLF..it looks like it wants 24ish.. I got out of my C calls near 23, since it was just too much too fast, but after a quick retracement, the XLF is bouncing once again.. I still see a "W" formation in the XLF longer term...
PBW has a similar pattern as the Q's... small rising trough with recent bottom, looks like 22 is the near term target.. above 23ish, and she's gone to test old highs...
MOO has formed a giant first trough, but has yet to start rising..looks to be soon..could retest 60..
Oh yeah, and the VIX is falling... could it retest 15?
tb
