1,200 on the S&P is still in play. Yesterday showed once again that the market felt comfortable testing a lower trend line and reversing. No sellers. Barring a 20 point decline from these levels, there is little to stop the continued momentum (until its date with destiny) and it should be respected. Additionally, the USD looks like it could still go lower, which could add temporary fuel to the indices, and the copper canary from the other day turned out to be a dodo: it did not follow through to the downside and left us with a corrective rather than an impulsive move lower.
My speculative position to the upside is with SPY 119 calls which I warily scaled into yesterday as the market went lower than I thought it would. It being Monday, OEX calls were just not priced well enough. Wednesday-Thursday would have been better. SPY options move like molasses compared to the full fury of OEX options. Meanwhile, I wait patiently for the full fury of reality to strike the casino.
No comments:
Post a Comment