This Bear squeeze is really hurting my puts, but I'm hanging in here. That 1080 area is the top of the downward sloping channel on the daily charts, and that's what I'm looking for to hold back the bulls.
This rally is all retail traders buying on the Greece bailout news. No Big Institutions are participating in this rally. When will they come in? I don't know, but it needs to be soon…
We're at 24.03 right now. Hold tight, this might be a fake out. If the previous high of the day gets taken out for more than 15 minutes, it might be a real move.
I think you're a bit early. I'm waiting until I see this pennant finish, followed by short squeeze to consider any sort of short. 1092 is within the realm of possibility.
$VIX action is playing out pretty much as I expected. We seem to be painting out a pennant. As we head into close, I expect the MM's to engineer a nasty squeeze.
update 3:30 est
per my 2:30 update SPY 108.06 level was the line in the sand for the 3:30 print and actual SPY 3:30 print was 107.96 so market is still contained
6-9 pt SPX move is likely during the final 30 minutes
This Bear squeeze is really hurting my puts, but I'm hanging in here. That 1080 area is the top of the downward sloping channel on the daily charts, and that's what I'm looking for to hold back the bulls.
This rally is all retail traders buying on the Greece bailout news. No Big Institutions are participating in this rally. When will they come in? I don't know, but it needs to be soon…
Thanks, Dread I have not sold anything yet.
Sun, Thanks for the update
dreadwin,
I also think I'm a bit early. End of day gyrations are a big concern. Unless we go down 🙂
update 2:30 est
hourly just printed a slight violation per the earlier chart i posted
will need a close on the SPY below 108.06 by 3:30 otherwise the markets have left the station for good
a breach of 1085.89(SPX 3 min gap) will open the door to 1104 and a breach of 1104 will equal 1127.38 (60 min gap from 1/21/2010)
You were right on that call Dreadwin… I missed it, and got in early. But, I'm still holding short.
We're at 24.03 right now. Hold tight, this might be a fake out. If the previous high of the day gets taken out for more than 15 minutes, it might be a real move.
I think you're a bit early. I'm waiting until I see this pennant finish, followed by short squeeze to consider any sort of short. 1092 is within the realm of possibility.
Hey Leo.
$VIX action is playing out pretty much as I expected. We seem to be painting out a pennant. As we head into close, I expect the MM's to engineer a nasty squeeze.