What a day. Actually, MLK day saved the market. Had to close out all remaining puts in the morning and also played a small long position during the day but left no open positions overnight. Technical, it has all the signs of a turn. The Fed's 3/4 bps made it a wide ranging day which typically signals exhaustion of a trend which in this case is down trend. But it needs confirmation. With a 15% haircut after hours on AAPL we may not get that confirmation tomorrow. VXO at 30ish, yes bottomish but no confirmation of a turn yet from volatility ratio. In this market it is better to wait than to be sorry, or day trade it. Tomorrow's numbers are 622, 609 and 599. See those numbers widening and today's close was at 613 and you notice where it sits in the range.
Have fun, folks
2c
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