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After enjoying a nice 16 day break from work I am officially back into the fray. I was greeted with a request to get ready for a business trip in 2 days. That is not exactly what I had planned for my week, but when duty calls you do what you gotta do. I did have to complain to my wife about it, but after a little bit she told me to quit complaining and book my flights. She seemed a little too eager to get me outa here 😛

Needless to say I am booked and ready to go.

On the market front, things were mostly green today. My short premium QQQ’s position was in the red due to another decent sized rally today and volatility honestly didn’t contract too much. XLE was near flat on the day and my buy-and-holds rallied good. I am now green for the year (by a small %) and only down 0.3% since the carnage in December, so almost fully recovered that 10% draw down! I am sitting very neutral with my portfolio at exactly 0 delta’s.

Most green today and delta neutral

Looking at the futures after close today and there seems to be a rising wedge on a number of charts. Only time will tell what becomes of it but it does have some bearish connotations in my opinion. Price in the QQQ’s is near pennant resistance and overhead horizontal resistance, although I could still see price rallying as high as 160-161 before bumping into more serious resistance.

Rising wedge in QQQ