CAMARO’s Watchlist for 12/3/13
SPY - SPY last week closed green yet again, thats 8 weeks a row. We haven’t seen a streak like since 2004, so Im looking at this streak as a great opportunity to get short because its very rare to see streaks like this. Now today, first close under its prior low since & a VIX close above 14 since Oct 8th. Why is this key? Well SPY has seen a few down days during this 8 week green streak but none of them were also met with spike in the VIX so the fact we saw a weak day today in addition to volatility expansion at the highs of the chart following a long multi-week rally I think this is the making of a short term top. I am short SPY overnight via 180x weekly puts. Looking for a move to 178s this week.
GLD - Looking for a break into new 52w lows. I posted this chart on twitter last week, check out this big monthly bear flag. http://i.imgur.com/WxlXLiV.png Today gold got killed all session closing down over 2.5% but I think we see another big liquidation move like what we’ve seen twice already this year. A gap up tomorrow would be a great shorting opportunity . Only way this trade wont work is if it gaps down big tomorrow. I like the 115x puts for a move ITM this week.
TRIP - Watching for a breakdown tomorrow. This upper level flag could fail to the downside due to where the market is. Watch for a crack under support at 86.50, could open the door for nasty sell off. TRIP has down this a few times in recent months, could be setting up for similar move tomorrow.
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