I had said last week that the way we closed was very similar to a couple weeks ago when we ended up going higher. We knew where support was and what to look for Monday morning to guide us. We gapped over all the puts and then monitored them all week giving us the clue that...
Once again we saw how the open interest was a great guide for SPY and the momo’s. Next week again is weekly expiration again, which means that the open interest is more susceptible to changes during the week. It’s also the last week for the major earnings releases. We had a couple great weekly trades and...
Pick an adjective, there are a plethora to choose from in the English language, but they all describe the market environment we are trading in. The bull isn’t winning, the bear isn’t winning, although premium sellers are likely winning. Last week here, I wrote that the likely scenario would be a choppy to lower start to […]
The open interest range on SPY held the entire week from Monday to Friday. On top of that, all those stocks that I said had interesting open interests with one strike carrying both the calls and the puts – well, they indeed ended up pinning with most of the damage done Friday. We are back...
Last week I said the market would likely be choppy do down at the start and that it was a buyable dip if support held. That turned out to be correct. Once we got above 210 I said that level would become support. I didn’t anticipate that we would get all the way back down...
Last week the SPY open interest told us everything we needed to know right from the start of the week. We got over the 207 level very quickly which was a tell that bulls had control unless that got breached. Once I was able to adapt to the bullish environment then my mind shifted and...
Tons of pinning last week. The open interest was super helpful to gauge our range and also got us into that huge LNKD winner. The open interest is also why I went out a bit further on TWTR and AAPL because the pinning was just too strong. Next week is the big monthly OPEX plus earnings...
If you missed my Benzinga radio interview, check it out here. Last week here my bias was more bearish; however, I clearly stated that if we got above SPY 207 then the downside would likely be limited. My caution to be ready for multiple scenarios was even quoted in MarketWatch Monday morning. That information proved to be […]
What an exhausting and yet boring week. Yet, in the end many of the open interest charts once again proved to show the range we would see very well (the quarterly and the weeklies). This is the second week in a row that I pretty much had to just sit on my hands because really there...
Another week of trend-less activity and from the futures action Friday things don’t look so pretty. Of course we have to take into context that futures were open 45 minutes and a lot of the move was very reactionary, but perhaps it’s the start of the washout I keep mentioning I’m looking for before a...
I will be live on Benzinga radio this Wednesday April 8th at 9:00 am. Last week here I wrote both about the potential for a rally at the start of the week with ‘window dressing’ and potential for quarter pinning. We got that rally. Then I gave a specific level to watch for to determine if the […]
Will Bulls Go For Gold or Pass the Baton to Bears?
Last week here I gave a few scenarios for next week with levels on SPY to guide you. Specifically, I said that if we gap higher or get above 208 then as long as that held, the bias was bullish. I also stated that, “Once again, the market is in a similar predicament in which […]
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