MG, Re: Extent
Mr. Market has been tough! It is hard to look at the GE's of the world and see where the gains are going to come from. However, as we watch the weekly doubles tournament, it probably is important to keep in mind 1) essentially the entire Index gain for the year has occurred in 5 weeks, and 2) since the beginning of July, the Index is up a staggering 1.5%.
The market smells a lot like July. Gersh pointed out then, that with the parabolic rise, a lot of stocks were going to be looking for a home after option's expiration. So, I would suggest, FWIW, which is probably not much, that the Market action early next week is going to be interesting.
A simple 38% Fib retracement would project the Index to about 1350, or about 3% below us. That said, I show the possible OEX extent to be about 772, or 3.5% above us. Flip a coin and place your bets!
TB
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