Thanks for the info… but, I wasn't basing it on the current pain, but more on the amount of calls vs. puts at 39 and 40. If I were a market maker, I'd close it at 38… but what do I know? Nothing obviously!
I'm hoping so, as I'm short the USO (40 puts) and time is my enemy. By my crystal ball… I see the USO closing a 38 on OPX next Friday. I also think the market will fall to the 1103 area.
A pop to 1150 SPX could very well happen, but I don't see any move higher holding. Where ever it goes up too, it should come back down and close lower then the pop open.
If we don't sell off hard tomorrow then Monday should be the big down day. However, if we sell off Friday, then Monday would most likely be a “pause day”… where we would go slightly up to flat.
It's hard to guess how the institutions will read the news tomorrow, but I believe a short term high is already in, or will be on a pop tomorrow morning.
After a sell off in the next 2-3 weeks, I do believe that it is possible to rally up to the 61.8% fib level, somewhere between 1250-1300 SPX (depends on the time frame you chart it from).
So, yeah… I'm kinda on the same page of thinking as you. How high is anyone's guess? But a 5-10% correction is coming… asap!
Thanks for the info… but, I wasn't basing it on the current pain, but more on the amount of calls vs. puts at 39 and 40. If I were a market maker, I'd close it at 38… but what do I know? Nothing obviously!
Just hoping for 1150 tomorrow so that I can load some Jan 115 puts. I think we will close at 1120-1130 on OPX. JMHO
Thanks for the info… but, I wasn't basing it on the current pain, but more on the amount of calls vs. puts at 39 and 40. If I were a market maker, I'd close it at 38… but what do I know? Nothing obviously!
Hi Red,
Though the current pain on USO is 38, I doubt it will go that low by OPX. I am thinking 39-40. The current pain on SPY is 112.
I'm hoping so, as I'm short the USO (40 puts) and time is my enemy. By my crystal ball… I see the USO closing a 38 on OPX next Friday. I also think the market will fall to the 1103 area.
Maybe but hard to see with the price action in financials and earnings season next week that it would sell off.
A pop to 1150 SPX could very well happen, but I don't see any move higher holding. Where ever it goes up too, it should come back down and close lower then the pop open.
If we don't sell off hard tomorrow then Monday should be the big down day. However, if we sell off Friday, then Monday would most likely be a “pause day”… where we would go slightly up to flat.
It's hard to guess how the institutions will read the news tomorrow, but I believe a short term high is already in, or will be on a pop tomorrow morning.
After a sell off in the next 2-3 weeks, I do believe that it is possible to rally up to the 61.8% fib level, somewhere between 1250-1300 SPX (depends on the time frame you chart it from).
So, yeah… I'm kinda on the same page of thinking as you. How high is anyone's guess? But a 5-10% correction is coming… asap!
Red
Pop may be bigger than you think. Then we correct a small bit and then on to 1220ish.
Hmmmmmmm………………
Maybe? But I think it will fool us all… My forecast is for the 1103 area to be hit by opx, but that is probably just wishful thinking.
Just hoping for 1150 tomorrow so that I can load some Jan 115 puts. I think we will close at 1120-1130 on OPX. JMHO
Thanks for the info… but, I wasn't basing it on the current pain, but more on the amount of calls vs. puts at 39 and 40. If I were a market maker, I'd close it at 38… but what do I know? Nothing obviously!