Shack -- on the options, this is one of those things that drives me nuts about this stuff: at least 200K of those April 35 calls have been there for a LONG time, thus meaning they were sold/bought at a much higher price. I'd bet that it would take a drop far below the ITM level for them to become profitible. And, of course, there's the issue that max pain hasn't really worked as well as we'd like during this rally, particularly for individual issues, so there's no guarantee that it works to the downside better.
Again, I'm not trying to be too bearish here, and goodness knows I wouldn't start/add to shorts here (unless, of course, there's a perfect setup), but I'm gonna have to take a gooooood look at the charts again to find other possible reads than the ones I'd been working with. In all honesty, other than being oversold on the dailies and such, I don't even see much of a reason for a good bounce here. We might just decline into the Fed then rebound... or, for max pain, rally into the fed then resume down?
the freep, headscratching and sidelining |
