I'm a little hungry, so I've gone ahead and started nibbling a little right here in the 1121 area. Yum Yum!!
Shaping up nicely for a strong move into Friday afternoon, and I believe we could see the move into the high 1130's by then. This is based on:
1) The friendly "coil pattern" road sign is now starting to point up nicely for the next couple days.
2) Bullish put/call ratio & Ansbacher Index (public way too bearish with excessive put buying right now).
3) Premiums for puts versus equivalent out of the moneys calls are nearly 30 to 70% more expensive on the Mays (5 to 20 out of the money on the S&P futures). This baby is rock solid for reliability, and ties in well with the Ansbacher. Works nearly every expiration week, and may be the REAL reason why 7 out of 8 option expirations are bullish in their resolution.
4) A pair of double bottom patterns which I've mentioned ad infinitum over the past few days still must be fulfilled...and yes, the primary one points to 1138.80 for those who missed it before.
5) The contrarians and sharp gurus: Jerry Favors, Tim Ord, and the guys at Avid Trading are all bullish going into expiration, with healthy upside targets in place. Even more importantly, William H. Hueb must be buttah, cause he's ON A ROLL!! :O)
I could go on & on, but that should suffice for now.. :o).
P.S. Heck... I didn't even have to bring out my wave counts to justify...hehehe.. you're probably relieved, oui? |
