Monday, May 26, 2014

SPY High...5.26.14

SPY hit a new high on Friday with piddling volume but the TrendX SPY chart on the right side panel sure looks like there's still room to move higher.
On the other hand......looking back the past 4 years the first part of the week following Memorial Day has been dismal and with a new high in hand there may be some profit taking once volume returns.
Meanwhile, the Mosaic big picture screener maintains a bullish trend although XLE shows signs of pulling least short term.
XIV has been on fire for the past 2 weeks as reflected in the XIV, SSO, SPY Trader ( 5 minute and daily bars) and, M3 has been able to book some great returns with XIV in the #1 rank.
M3 fired a Short Term reversal ALERT at Friday's close...another reason to consider lightening up a bit.
(see performance chart below).