Update 1 - Supplementary comments: I know this page has enjoyed a record breaking hit, but folks please don't forget that the likelihood for you to lose money is high if you hold calls or puts into options expiration. So don't be an "idiot". Continue to read what the market is telling you through your charts each day ya! .
Today was a nice trading day for bulls and bears! Its earnings season and OpEx is just around the corner, so be careful not to get sucked into the volatility trap.
Looking at the SPY chart, I still don't see any concrete change in trend despite the late day bounce.
The MACD is indicating that the market might rollover again soon after a little bit more upside....Unless we see an improvement in upside momentum.
Going long from today's low is quite correct to ride along with that tiny upside....IMHO. But don't forget to take your profits fast if you see the scenario mapping out.
On the contrary, I see OIH as a possible bullish setup. Here is a possible reason....to back up my analysis:
We know that OpEx is 9 days away...so MMs will eventually find a way to book their profits. They cannot close below 88, or else they will make a loss....So I sense that they will most likely whip OIH a bit before you see their true intentions which will most likely be between 94 - 100...that is if the calls to puts ratio stays around here...
This is my first attempt on GS, based on current call to put ratio. GS could end up between 140- 145 by OpEx. Remember these guys are the best, so some whipping around is expected...but knowing some odds does help.
As for AMZN, this stock could go to 80 if based on todays call to put ration by OpEx.
So you see, don't get too bearish too soon. I got a feeling that SPX might not break 870 too soon...even though it did...the rally following that is going to be really powerful....maybe after OpEx...lol Alrite enough for today, saving up my energy for the next day.
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