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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (18877)3/22/2017 11:39:20 AM
From: robert b furman1 Recommendation

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John Pitera

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HI John,

Good work !

I need to learn more of this.

There are gaps at 2295.91 and 2283.97 which closely match your fib supports.

Clx runs into big headwinds after today.

2cs has registered to lowest numbers I've ever seen since tracking:41.80 on 2/16 (the Thursday before option expiration and 43.07 on 3/17 - the friday of option expiration.

That makes for 4 months in a row that option expiration days have ended up.

I interpret that as a form of distribution or many new owners of stock at a relatively high price since they not only paid the strike price but also have the call premium to add to that strike price.

After four months in a row - the market makers must be hungry for some discounted inventory.

I'm thinking we need down for longer to accomplish that and 2280 ish would be a good place to find support imo.

We've all enjoyed the Trump Ramp, now I think we get some Trump Dump.

Of course the easy excuse would be NOT getting the repeal and replacement of Obamacare done on the first effort - tomorrow at midnight we get the first vote.

If we do get the repeal and replace tomorrow it would result in a nice pop.

If that pop is sold into it would be even more telling!

I've sold some stock and bought back to close some sold puts on all stock I'm less than totally committed to.

Sitting with a good bit of cash and some dividends coming in over the next 30-45 days.

I'm hopeful; of a much needed retrace that could extend into the summer if it is a good one!!

Just my read and hunch.

Bob

My Scottrade fib retrace software shows 2276.49 to the expected minimum .382 retrace.

There is a confluence of numbers in that range
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