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I talked about looking for the this kind of bounce on May 23rd. With the futures up overnight it looks the market might string together a 2 day run. Will this be enough of a move? I don’t think so. I think this whole week might be in the books as being an up week. When and if I see long signals on my systems I’m pretty certain its going to be a good place to get short. I’m already seeing the early signs of long signals, but I need to see more.

The reason I didn’t wait for the bounce to get short is because we had that selloff yesterday that really started to turn things back down. Calculated mistake getting short, but mistakes are ok if you act accordingly after you make them.

I covered all my etfs this morning for losses, while the FAZ had a gain. Overall it was a decent loss to start out the day.

I then made several SPY option trades, mostly to the short side and one long trade. In total this was for loss also, but there were some winners in there too. I also got long FAZ, DRV, and one other in the last hour. However, those were sold for a loss. Keeping them small is key.

In cash at trading accounts…actually I got long BVN today, so long that, mostly cash and a medium size short with the 2x funds NDX and RUT. I didn’t add to them or cover them. I could have, but just didn’t pull the cord there. I may be playing these with the broader monthly trend which would force me to sit through days like today.

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