This week will be a triple witching options expiration. In the past 22 years, the week after the September triple witch has been down 17 times. Add that up with Yellen ending QE and we “could” see today’s bounce fade out and we roll right back down some over the next few weeks.
Certainly went higher then I expected as I wasn’t looking for a double top… but SkyNet knows where all the stops are and did a good job of hitting them on both sides today. I held on to my short through all the wild swings and ended the day up.
With the daily candle pattern now showing a very long topping tail I’ll be happy to get more shorts should it bounce again in the morning. Odds are tilted in favor of the bears now that we won’t make another higher high tomorrow (based on the bearish candle pattern close), but a second attempt is certainly possible.
Should it not give me the chance to short from some bounce I’ll just be happy with the shorts I currently own. But based on the overbought charts we should be just about ready to start selling off, and it should be for more then one or two days.
Considering the Alibaba IPO is Friday we could get some kind of wave 1 down and 2 up between now and the end of the week so they can get that out of the way before we start dropping. I “may” exit my short tomorrow, wait for the bounce into Friday and short again. Hard too say right now but I feel it’s a “short the bounce” type period and not a “buy the dip” one.
Thanks for those stat’s… I did not know that.
This week will be a triple witching options expiration. In the past 22 years, the week after the September triple witch has been down 17 times. Add that up with Yellen ending QE and we “could” see today’s bounce fade out and we roll right back down some over the next few weeks.
I still think we rollover first thou… http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=8&mn=0&dy=0&id=p47503103422&a=368057828
I think it’s around 2050-2055 SPX
looks like the sheeple are piling in. what is that equivilent to the S&P?
If we do not rollover today or tomorrow then they will likely breakthrough and head up to my original target of 11,330 on NYA per a FP I have.
Certainly went higher then I expected as I wasn’t looking for a double top… but SkyNet knows where all the stops are and did a good job of hitting them on both sides today. I held on to my short through all the wild swings and ended the day up.
With the daily candle pattern now showing a very long topping tail I’ll be happy to get more shorts should it bounce again in the morning. Odds are tilted in favor of the bears now that we won’t make another higher high tomorrow (based on the bearish candle pattern close), but a second attempt is certainly possible.
Should it not give me the chance to short from some bounce I’ll just be happy with the shorts I currently own. But based on the overbought charts we should be just about ready to start selling off, and it should be for more then one or two days.
Considering the Alibaba IPO is Friday we could get some kind of wave 1 down and 2 up between now and the end of the week so they can get that out of the way before we start dropping. I “may” exit my short tomorrow, wait for the bounce into Friday and short again. Hard too say right now but I feel it’s a “short the bounce” type period and not a “buy the dip” one.
Great… glad to see you are ok. Me and Anna was wondering what happened to you.
I am Doing well Red. shifted to a new house. Took some time to have things in place.
Hey San, where you been? Hope all is well.