We sold our short oil and long volatility leveraged ETF's this morning. The Major Indexes have touched the August 2015 low and should find some support or at least a major bounce here. Crude Oil WTI futures touched its March 2002 "Gap-up" low at around $27.50. Most of the Algo's and HTF's have to at least dip in here.
We bought some oil leveraged ETF.s here. We may be a little early because the load up is around $20.00 for oil. We normally wait for some mass capitulation; however, this was our initial target and we have to follow the plan.
The S&P target still remains around 1600 if there is no hold here.
