Market On Open - Tuesday 16 January

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Not Only Up-Only

Market’s getting a little tricky now. No major dumping and not only-up. Personally in single-stock equities I have been lightening up a little and moving more to cash (nothing dramatic, just at the edges so I have more cash on hand to deploy in non-margin accounts if the moment comes); in my short-term trading account I hedged going into the weekend and have cashed some short profits in pre-market trading today. We’ll see what happens next. Until proven otherwise we remain in a bull market, so I am relaxed with long index ETFs and wary of shorts, hence cashing short gains quickly. There is always time to wind on more shorts if the market keeps falling.

Those of you who trade the indices may wish to take a look at the volume x price profile developing at local highs in, for instance, DIA below. Those of you who are members of our new option analytics service, Jay’s Options, (you can read all about it here - you don’t need to be a paying member of any other Cestrian or Cestrian-hosted service to join), may wish to look at that volume spike in conjunction with current IV levels in the indices.

For paying members we now run through our usual charts covering the main US equity indices, associated leveraged ETFs, plus the SOXL TECL and FNGU ETFs as always. Yet to join up as a paying member here at Inner Circle? You can do so right from the links below.

Note - to open full-page versions of these charts, just click on the chart headings, which are hyperlinks.