The chop zone is finally over. Of course it happens after OPEX, which we had thought was a possibility anyway. So does the market now finally get over 2100 and then possibly make all time highs? I would say yes that is likely, but I’m sure there will be some chop and backtesting along the...
Last week was great. I didn’t think SPX would make it over 2084, but being flexible shows that it didn’t really matter what I thought. We are about to enter the summer months so we need to keep in mind that things will be slower (which is hard to believe) on many days. That also means...
Last week was tiring and challenging, but we totally nailed it. Now that OPEX is over maybe we can get some real price discovery – meaning break the chop zone the market cannot seem to get out of. As a side note, keep in mind that as next week is coming to an end things will...
Last week played out exactly how we anticipated. SPY vacillated through 205, but always found it’s way back. In no way was it easy to play, but we navigated it amazingly well. The chop range is now a bit wider with SPX 2025 being the low end and 2084 being the high end. Now that OPEX...
Last week here I discussed that the market likely has not seen the lows of this cycle and any news gains would likely be given back. I am still in that camp. I also said that a close above 2083 would make things more bullish. What I should have said is a close with follow […]
The chop continues. It definitely hasn’t been easy to navigate, but we have luckily found several spots of opportunity. Less is more until things become more resolved. Next week is monthly OPEX so the open interest tends to change less throughout the week since these are more popular options than weeklies. The close on Friday...
Currently SPX is trading in the range of 2039 to 2084. For now it has had a failed breakout over 2083 and unless it can close above 2084 (and follow through) then we assume SPX will either stay in the range of 2039 to 2084 or move below 2039 and create a new range. I...
Apologies ahead of time, but this post will be brief due to my best friends birthday and Mothers Day. Last week here I said that if Friday (4/29) was a reversal and the market traded higher, it would likely be given back and that below 2052 opened the door to more selling. I also highlighted support […]
A very choppy week that ended above the key support of 2052. At this point, taken together with the open interest, the bulls have the short term edge, but the intermediate is still neutral to slightly bearish. One of the support levels I outlined in last weeks post was 2039 and it held insanely well on...
Well I said I expected a choppy week. The entire week was a very very slow grind lower until magically the 205 SPY calls were saved. There is no way to know if Friday will get follow through or not. The fact that the momentum stocks were so strong definitely makes it seem plausible, yet...
This was one of two premium posts for members posted before week starting 5/2/16 As I said last week, it’s time to begin thinking about selling the rip and not just buying. Even though I had that written and had it in mind, it was much harder to do last week given all the disconnects […]
This was one of two premium posts for members posted before week starting 5/2/16 Volatility is back – at least for the time being. We knew at the start of the week that there was SPY 210 and 215 high calls. The 210’s never closed and last week SPY got close but was never able to […]
B-E-F-D Until Bulls Fumble
Buy-Every-F*****g-Dip Last week here I proposed that the chop would likely continue and that any gains that came before better oversold readings would likely not hold. The caveat was if we closed and had follow through over 2084. As you know the premise was wrong and the exception instead came into fruition – which hopefully […]
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