Lesson learned is to take Option Pain as a guide...it is not exactly the holy grail for option trades..... but it is better than nothing.
From my observation some stocks in my previous posts managed to hit option pain about 5 to 7 days before OpEx day.
FSLR was a notable exception, with more than 20,000 puts....and it makes me wonder how are these MMs hedging their written puts? If that is not the case....some option sellers have lost a lot of money......
I started late on Friday and stayed away for the rest of the day...due to the huge gap up and partially due to my failure to find any decent trades with as minimal capital as possible.
Here is the game plan for the most part of next week, I think you will be lucky if SPX pulls back to 1009...which I doubt..... So, 1018 is still a buy if the opportunity presents itself. Frankly, I don't like this but that is the way it is... If you wanna bet this market will go below 1000...then good luck with you....its month end brother... Eventually...I am expecting SPX to hit 1040...since there is no resistance...."you heard me...loud and clear".
Long Watchlist: EXC, HES
Good luck with your trades.....do your own charting...you are a big boy now.
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