Last week was great for bulls (if of course they participated in the gap ups, which luckily we did). Other than the gaps it really was a very slow week. There isn’t a whole lot to interpret right now regarding the overall market. It is in a bullish trend and has been consolidating last weeks...
The best thing we did last week was not over trade. Looking back at last week, the opportunities with options were slim after the initial bounce early in the week. The IWM calls we bought were at a very good location, but unfortunately Friday turned into a pin day and there wasn’t any follow through yet....
Last week I discussed why the market would likely continue to stay in a range. Based on the open interest I did think that there was a bit more upside than downside, but as the open interest shifted during the week the range just became tighter and without bias. In the end bears took the baton....
We started the week with some great sells and then remained cautious getting too long because of what I described last week regarding the open interest. That served us very well on Wednesday when the market and many momentum stocks looked as if they were ready to go higher. I remember when tweeting that I...
Last week here I summed things up with: “Currently, the market is near or already oversold and likely to bounce soon if that has not already begun late Friday. Should price immediately go lower it will become even more oversold and not a place to initiate shorts.” Furthermore, I discussed that the open interest suggested that the […]
In last weekends post I wrote about the market being oversold and discussed all the SPY open interest put support. That gave us an edge coming into the last weeks Monday morning gap down and we were able to have a solid week. The new quarter starts Monday and there is likely money that will flow into...
Price Action Says to Stay in May
Last week there was no post, but in previous posts, both at the end of March and the beginning of April (see here) I continued to suggest that SPX would likely get to old highs or make new ones before a more meaningful correction took place. That has now been achieved as SPX went within 2 […]
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