Yeah, I really only expecting about 2110 SPX or so (+/- 2-3 points). This was a much bigger squeeze then many people expected I’m sure. Tomorrow is a tough call as it’s option expiration (triple or quad witching), and we all know how they love to manipulate it so they don’t have to pay out the put holders.
My thoughts are that if we open flat to up we’ll chop around early in the day and into the last hour or so we’ll sell off. Or, if we gap down they will find an early morning low and bounce it back up into the close to retrace most of the move down.
So on a move up I’ll look to short (again) into next week (actually I have some June 30th puts, so I’ll get more of those to bring down the cost). If we gap down I’ll look to bail out on my current puts and wait for a rally the rest of the day to decide on whether or not I’ll go short over the weekend.
I’ll probably wait as even though next week is a very bearish week there’s always bounces to get short at. So getting in on a Friday and chancing a gap down on Monday really isn’t worth the time decay in my opinion.
The short term charts going into the close today are very, very overbought. So if you are trapped short from today I think they’ll be a decent pullback tomorrow at some point to bail out at a smaller loss (depending on what you bought and when of course).
tell how more of a squeeze because flatlines @11am…then 12noon, game playing again to squeeze on low volume for the lunch hour…but no continue on last 30 minutes. Options x week is always games w/news tricks
Yeah, I really only expecting about 2110 SPX or so (+/- 2-3 points). This was a much bigger squeeze then many people expected I’m sure. Tomorrow is a tough call as it’s option expiration (triple or quad witching), and we all know how they love to manipulate it so they don’t have to pay out the put holders.
My thoughts are that if we open flat to up we’ll chop around early in the day and into the last hour or so we’ll sell off. Or, if we gap down they will find an early morning low and bounce it back up into the close to retrace most of the move down.
So on a move up I’ll look to short (again) into next week (actually I have some June 30th puts, so I’ll get more of those to bring down the cost). If we gap down I’ll look to bail out on my current puts and wait for a rally the rest of the day to decide on whether or not I’ll go short over the weekend.
I’ll probably wait as even though next week is a very bearish week there’s always bounces to get short at. So getting in on a Friday and chancing a gap down on Monday really isn’t worth the time decay in my opinion.
The short term charts going into the close today are very, very overbought. So if you are trapped short from today I think they’ll be a decent pullback tomorrow at some point to bail out at a smaller loss (depending on what you bought and when of course).
see on 60 min chart
they gap over 200 DMA & trendline to start squeeze
tell how more of a squeeze because flatlines @11am…then 12noon, game playing again to squeeze on low volume for the lunch hour…but no continue on last 30 minutes. Options x week is always games w/news tricks
SkyNet is such a well oiled machine. You gotta love how well time the release of a possible Greece deal lines up with the need to start a bear squeeze. http://www.businessinsider.com/the-euro-is-going-bananas-over-reports-of-a-bailout-deal-for-greece-2015-6
This rally looks and feels like a massive bear squeeze and not the start of a new long lasting grind higher.
Well, I guess there are a lot of bear stops up here as it’s going higher then I expected.
ES Futures look ready to rollover this morning before the open. Upside is very limited I believe. I think today will be a down day.
sorry, mis typed…should of been SPY 211.5 for that downward trend line I was talking about…see pic
Yes, your explaination let me figure it out…THANKS
By the way Doug, did you figure it out? (I posted a reply down below to your question).