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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (417578)9/13/2011 7:04:06 AM
From: Rarebird1 Recommendation  Read Replies (1) of 436258
 
What I am seeing now is simply a warm-up for what's to come.

The problem (short term) is that the market got somewhat ahead of itself on the downside and could retrace back to the top of the trading range before rolling over again. It's options expiration week and the 1200 level on the SPX holds a lot of option contracts sold short by option traders. They want those contracts, both puts and calls, to expire worthless. So, they will be doing what they can to get the market up to 1200 so that the time premium on those options gets as close to zero as they can. I think the chances aren't that great that they will achieve 1200 on this bounce - simply because the fundamentals are just too bearish to allow that - but they will be giving it a try.
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