VIX6 – SPX Trade Update #2
Thu, Feb 07, 2019
Good day Insiders,
Happy Friday! Each day the market opens and each day buyers seem to forget how much chaos there is out there! I am of the opinion that they are all still hung over post the massive bounce we experienced last Friday. Talking heads on CNBC leading up to December 31st, 2018 were only mentioning bear markets and recessions. Fast forward two weeks and they are gone by the wayside. Personally, I am not convinced. I may have been a little early in calling for the pullback, but typically when everyone is long and talking about testing the highs is when the market pulls the rug. Will that take place? I have no idea, we have the Brexit countdown and UK parliament vote is set for January 15th. I am still of the opinion that we are set for new lows by Sring 2019 before new highs, the question is what of the interim. We are going to roll out our trade a few extra days here. Adding no margin and more time to right.
Rolling our trade out to February 1st and with an extra 15 points on breathing room will be done with no extra margin.
Risk & Reward
Our key level to watch on the close for the week is 2594.62. At the time of this update, we aren’t trading above it. Let’s see where we close!