This is when fundamental overides technicals. Because the selling sentiment reached peak level like in August, could not resist to obtain some Nov calls. It could be early but do expect a bounce to 706ish. Have a good weekend.
(Note : This is also a Turtle Soup Buy setup)
2c
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This blog is for those with a passion for trading OEX options.
Blog Archive
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2007
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October
(23)
- The end of rate cut?
- Helicopter Ben or with his landing gears out?
- Out
- Bulls in control again
- Bottoming process?
- Impressive reversal
- A Technical Buy
- Turtle Soup + 1
- Horrible
- Buy Signal finally out
- Amazing reversal
- Reversal??
- This came as no surprise…
- Tame PPI
- History does repeat itself
- Toppy
- Scaling out....
- Columbus Day .. The market was lost
- Just follow the trend
- A day about nothing
- Follow your plan
- It was a good scrap trade
- It is impportant to remember the numbers
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October
(23)
About Me
- 2cents
- Interested in trading using statistical analyses.
4 comments:
Why risk a crash chance on Monday? Atleast a major gap down likely.
Likely seen highs for the year?
What does 702 in OEX translate to in SPX?
bigelam
Just a calculated risk for a small position. If it gaps down more on Monday then I will load up on calls. I always use 1 OEX point to approximate 20 Dow Jones points and 2 SPX points for quick convenience. To know the exact translation you have to know the component prices, scaled averages, etc etc, just too complicated.
2c
Do you think our entire uptrend is over and daily chart is bear now?
big
Big,
The down trend started Oct 12. The first line of defence was OEX 718 and the second line was 710. From first to second line of defence, it was broken in one day and then some. Frankly, this came as a surprise to many including myself. Everything pointed to a bounce at around 718. Because the price drop was so severe, even the exponential moving averages have to catch up to it. Next week is the bulls last chance to fight back before they hand it over to the bears. But the bulls have to take it back above 722ish. A good 20 points to climb.
2c
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