I am lucky that I happen to be traveling this week and had less exposure to the markets today. The exposure I did have I got stopped out of. We broke 1670 and for me that means risk off. Although it seems enticing to buy the dip, I wouldn’t be in such a hurry this time. I still think we could have some downside upon us. I imagine a good bounce will present itself over the next couple days, but be weary that it could be sold into until Washington can come up with some sort of agreement. The best scenario in my opinion would have been a gap down that could be bought for at least a bounce, but with the Yellen news that may not work out so nicely.
SPY – very little change to options. You would think more puts would have been bought and held, but I guess given our 2013 environment people are afraid to hold puts.
AAPL – I was impressed with how AAPL held in there amidst the high beta sell-off. I think it bodes well for the stock going forward. Of course there still is that 500 battle with calls. So maybe just a little bounce.
AMZN – bounced right of its 50 day that coincides with the psychological 300 level.
CMG – has touched and bounced off the 20 day MA several times in the last couple weeks and did so again today. CMG is usually one of the first to sell off on heavy down days, but it was one of the last today. It also didn’t didn’t fall too hard and closed off the lows. Seems likes something is going on there.
GOOG – Sort of in no-mans land on a chart, but has good support between 845 – 847. If it loses that I think it could really accelerate to the downside. Plus it would be under the highest puts. I’m starting to think that funds are trying to quietly dump this, but definitely open to being wrong.
LNKD – blood bath there today. Support came in at the August 16th lows. Interestingly a lot of out of the money calls were bought that expire this week.
PCLN – I envy anyone that had puts today.
TSLA – closed below its 20 day MA, which seems to be losing its grip.
Good luck out there!!
Open interest updates for 10/11
I am lucky that I happen to be traveling this week and had less exposure to the markets today. The exposure I did have I got stopped out of. We broke 1670 and for me that means risk off. Although it seems enticing to buy the dip, I wouldn’t be in such a hurry this time. I still think we could have some downside upon us. I imagine a good bounce will present itself over the next couple days, but be weary that it could be sold into until Washington can come up with some sort of agreement. The best scenario in my opinion would have been a gap down that could be bought for at least a bounce, but with the Yellen news that may not work out so nicely.
SPY – very little change to options. You would think more puts would have been bought and held, but I guess given our 2013 environment people are afraid to hold puts.
AAPL – I was impressed with how AAPL held in there amidst the high beta sell-off. I think it bodes well for the stock going forward. Of course there still is that 500 battle with calls. So maybe just a little bounce.
Good luck out there!!
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