Week of March 16

When do we buy the dip

Recap of last week

Volatility finally arrived last week and we made the most of it.

We went short ES last Friday, right before the -2.5% gap down on the huge oil spike.

Covered our short within 13 minutes of the open, for 111 pts.

Then we flipped long at 6588, right before the market went on to rally 270 points in less than 24 hours. Not a typo. The high of the week was 6853, and the low of the week was 6584. On a week where the range in ES was almost 270 points we got within 4 points of the low, after shorting it right before. It doesn’t get much better than that.

Can the market finally bounce now? Is this a dip buy opportunity or something more sinister?

Next move for markets