Another one of those days when fundamentals just clubber the technicals and made yesterday's run up a bull trap. May be all those companies who have subprime issues should just step forward and get it over with a thousand point drop in the DOW. After hour CSCO outlook is not good and is down. It looks like tomorrow will be a capitulation day. After all, the original OEX target of 685 is still valid.
Could not get a good entry point to get in long on the OEX except at the end of day, may be early, but will see. Resorted to shorting OIH and playing long on RIMM. Got out when profit reached 10%. Will look to add more OEX Calls tomorrow. Helicopter Ben will be talking tomorrow and see if he can claim the market.
2c
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Measured move calls for SPX 1466, and it could get there as the bell rings. It may reverse there for a bounce. Technically, any bounce should be whacked. But next week is OPEX, and it could go either direction in a big way. There were heavy puts at 1400 today, and this could be sold for premium, if you look at in bull eye, and bought from the bear view. I am not good enough to tell they are buy or sell. can you tell if it is a buy or sell by looking at the volume chart?
p
1466 coincides with original OEX 685 target. One should expect a bounce from there, especially when selling sentiment has peaked twice. Looking at 1400 puts, SXZWT. Volume was 29516, 20114 buy and 9402 sell.
2c
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