Actually, Shawing called the CPN yesterday.
Should have waited for $90 to buy...
But this market seems to go stealthly higher every day, low VIX, low volume, low volatility. Gonna break to the upside IMHO.
Waiting for Flye to check his charts: have target of 5800 or 6300 on the Naz.
If I wouldn't mind missing the half of a 3900-4200 rally, I would mind missing the half of a 3900-5800 rally, back to 95% invested one hour before close as you can't trust a Friday.
Yesterday's CMGI action was a warning.
Checked the options data: there were about 12K open interest on the Sep 40-55 strikes, and the volume of yesterday alone on these strikes were 6700. Last half session action was, IMHO, institutions covering their shorts (maybe even automated programs)as there was no possibility to hedge with options.
If prices keep rising, some other limits will be triggered and one could expect other sudden rallies, exarcebated with current low volumes.
I can be completely wrong also.
lvlamb |
