Thanks Velo; I went flat at the close. I kept that put you rx for March SPX on my ticker last week or so. You made like a 10 bagger on that, amazing.
I see the SPQPE/1025 and SPQPJ/1050 at $7.60 and $9.50 respectively for April SPX puts.
Cycles guy I follow called for upmove into date around options expiry, i.e. into Friday the 14th and Monday the 17th; so much for cycles,ggggg, but I am always wary of maximum pain influence, especially when put/call ratio is so high; it was almost even puts and calls today.
The individual charts I follow are terrible, the worst collectively I've seen since the Asian crisis of late 1998.
Interestly, if you assumed that the impact of the Asian crisis/LTCM had not been changed by monetary policy/direct market interventions back then, then the target of 950 we have for SPX would match the lows of late 1998. Same for Nasdaq at about 1400.
T. Dorsey of PandF fame, posted a 'mystery chart' today; showed CSCO pattern of breakdown from highs at 80 +/- down to current at 20; same pattern shown on mystery chart.
The chart was for GE.
Watch out CNBC'ers.
Looks like you are expecting a relief rally next week. I'll watch your fine site to check the magnitude of possible moves to overhead resistance.
Thanks for your work,
James |
