It was a classic sell signal today, although the rally in oil stocks saved the day. It closed at about pivot 728. The high of the day came within 2 points of target 732. Tomorrow's numbers are 730r1, 727.6pvt and 725s1. The trend change of Apr02 to May07's mini-correction was 42 OEX points, and the trend change of Sep11 to Oct9 was also a count of 42 points. If history repeats itself, a mini-correction of 10 to 15 points to OEX 715 is not surprising. The momentum of total index put/call ratio has increased again. For what it's worth, bear in mind the Bradley Model turn date of Oct17 (+ or - 7 days). OEX OCT 730 puts look attractive at this junction and OIH Oct 200 puts are good for more adventurous day traders.
2c
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This blog is for those with a passion for trading OEX options.
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2007
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October
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- 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.
3 comments:
Hey 2cents, yes oil rally on a HAL for BHI rumor triggered the rally. Oil also looks to be on an uptrend to new highs.
This market is crazy and I hear calls of 1600 on SPX by next Friday. Strangely I believe it can happen.
Volume is low, no sellers.
Bigelam
Yes, Bigelam, your observation on no sellers was correct. Playing it by the day seems to be prudent.
2c
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