This is not exactly the Weekend Update I had wanted to write, but it is about all I can put together today thanks to what I have been assured is only a transitory nuclear holocaust radiating down along the right side path of my sciatic nerve In capsuled summary: (1) The Big Picture. Still down, hard down at times, and despite these a-b-c spike retracement rallies, the worst in terms of cascading prices, fear and panic is still to come. [See $SPX chart below.] (2) TSLA This chart is from several weeks ago where price was working its way through a wedge pattern toward a promising new Buy Signal. That pattern is now broken, but not the stock. A better entry for new positions is still ahead, whether it be at lower or higher prices. TSLA Intermediate Term (2-Day) (3) Next week's anticipated trades: Rolling over May 20th index puts (IWM, QQQ) into Jun 17th expiration, the sooner in the week the better. We will also be maintaining Long Energy positions with OXY to Jun 17th $65C (PRO portfolio is already in July 15th UNG calls). As for any current UVXY calls - May 20th $12C or $15C: Roll into UVXY Jun 17th $18C or $20C. (4) New UVXY Buy Pending: The "Big" one is coming and we won't know we're in it until half-way through, so every UVXY Buy is a must take Buy...even if stopped out on prior trade. (5) Guest Chart: $SPX I came across this chart on Twitter last night and thought that the message of new SPX lows within one or two days, was worth sharing. The top and bottom pane patterns present a compelling case for the worst (3 of 3 down) still to come. (Let's hope that doesn't extend to my sciatica.)
