IYT Oversold and at support

Transports (IYT) ETF is oversold and at support. Biggest holdings are UPS and UNP. Something to watch next week.

GM is also almost oversold, might take a stab if MFI touches oversold next week. Double bottom maybe?

Comment:

Bought and flipped GM calls to lock in profits, gonna hold UPS and hope for a gap up tomorrow, lol. Ponzi Tuesday and what not. Small position and I already locked in profits from GM.

Be careful though, not really sure what the market is doing, if ES goes oversold then I'm buying more calls.

I said it last week but SPX almost never gaps down 2 days in a row without filling the second gap so there might be a gap play tomorrow with Europe looking weak again.

Comment:

I think everyone looked at the same chart over the weekend and pumped transports in the morning, looking weak now.

I posted in my UPS plot that I flipped my calls this morning. Oversold or not, I'm not gonna hold a long position when the market looks as weak as it does.