So the SPXU and SPY trades entered 4-20-16 are closed for tracking purposes.
SPY touched its lower daily bollinger band today. And price has reacted by rally off the lows. While price certainly could continue the bullish run and move to new highs, the rally may be a technical "blip" based upon the factors mentioned in the last post. The overall level of panic or real money negative sentiment (by the measures I use) was very modest on this decline. Many corrections achieve a higher level of selling pressure than this before bottoming.
In any case, currently I see no strong edge in the market for initiating new positions. So for trading purposes, I suggest staying on the sideline, until a very profitable back tested scenario arises.
Pete
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