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I expect whipsaws during this options expiration Friday, and so far we have seen just that. There remains considerable risk to being aggressive in either direction at this point. We could also simply continue to flop around in a violent manner, as we have essentially done over the past week. To be sure, there are stocks printing prices that many thought would never happen in the foreseeable future, with HPQ taking out its 2008 crash lows. While I am still inclined to believe that we are attempting to stabilize at the lower end of a massive two year trading range, I am in no rush to make a bold bet that the bottom will not fall out again.
In addition, the fear trade is still on the table, with gold and Treasures stubbornly refusing to roll over. Until that unravels, it is going to be tough for the bulls to make much progress for more than a day or two.
Well put. Are you still 100% cash?
yes
Wise words as always.
Ha, please tell me that picture is from God of War. Great movie.
I think the bottom is only dictated by what the next ‘bad news’ is. Bulls are scared by the news so there’s not lots of buying, and bears are just waiting to pounce. To me it’s almost a zero sum game for bulls right now.
Woops Lord of War
gold!
i don’t mean gld. i mean the post.
I expect to see 1150 re-tested, and would slightly favor it failing to break through, but I’m just not seeing clear enough signals to get heavily long or short right now. Staying cash until the market shows me something resembling a clear trend.
Obviously, still time left in the trading day but, seeing alot of Inverted Hammers on the Daily charts ! fwiw
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Have to see where we go from here … and how we Close !
We shall see !
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indeed
🙂
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