Apr 28

11:20 a.m. We are quite busy this week and next. Just had time to look at the daily charts. It looks like a distribution pattern around 86-87 SPY. We entered a small SPY short for a swing trade. Our next daily cycle low is in the week of May 11th-18th. We believe the intermediate term will have more rallies until Last week of june-early july. That is when our intermediate term cycles turn. But I guess we'll cross the bridge when it comes.

10:30 P.M busy day today. Just added a small sliver of SPY short for a long term swing trade. The market has been very crazy and the picture is mixed. The mclellan oscillator is signalling a huge move ahead in the next day or two one way or another. Lets look at some sector specific SPDRs.

XLE - We have noted before, the chart doesn't appear bearish to us. It looks like a consolidation before another leg up.

XLU - similar looking chart.

SPY - We have been in a tight upward parallel channel since mar27 and today we bounced off it again. So we may get another bounce soon

While MACD and other momentum indicators are overbought/ bearish. The bearish setup is there but there doesn't seem to much action one way or another. The picture isn't clear to us. So we'll keep trading to a minimum, which suits us since we are busy this week :-).