Overall the week finished lower last week.
We closed out some solid gains in Netflix (NFLX) and (AMZN), while struggling with our trade in SDS for a small loss.
We saw a nice move out of TLT last week, which definitely helped matters, but our positions in SPXU and DIS hasn’t done much to write home about.
We go into the new week positioned to the short side. How long the market will let us stay in those positions remains to be seen. SPX is trying desperately to hold on to the 20-day moving average but the daily chart looks like it wants to roll over. Weekly chart is stretched but with what has been seen over the last eight weeks, there is always the possibility this market simply decides to continue rallying.
I do believe that with what we have seen over the past few weeks, that the market may be digesting the big move off of the February lows and trying to put in a top of some kind.
As always, manage the risk, keep it tight, and we’ll see how the week unfolds, and act accordingly.
