Yesterday’s end of day buying imbalance had us ready for a positive open but the amount of overnight buying caught us off-guard.
The SPY quickly held the previous day’s high as resistance. The size of the move from the previous close and the and the selling from last week made a gap and go higher unlikely.
Financials and energy stocks were weak out of the gate further halting the bullish party. The VXX reversed lower around 11am and gave us the signal it may be time to stop looking for a short-sale entry.
NFLX was the trade of the day for close to $9. Check out the video to see the great entry and why it was a high probability trade.