LOOKING OK INTO NEXT WEEK

Feeling pretty good about this look heading into next week. All conditions in oil, credit, banks, carry trade, etc are looking better here ahead of the weekend.

Here’s another look at last years bottoming process.

And a look at the last two months on the hourly.

After getting shook from the NKD last night at breakeven, I bought the NQ this morning as well as some $NFLX and $GOOGL calls that expire today…just for some day trades. As a reminder to my beloved After Hours with Option Addict patrons, I am leaving here in a few hours for the weekend.

Have a great long extended vacation away from this stuff, and email me with anything you need.

Also, a quick public service announcement, but next weeks Investor Boot Camp with Jeff and Jeff is locked and loaded.

We’ve got some great things planned for you next week, so be sure not to miss it.

OA

Against my better judgement, I got hammered and bought some Nikkei tonight. 14935.

Any of you guys trade shit at night?

OA

The term leg sweep is in reference to stocks taking out a low, only to reverse.

Legs = market lows.

This also is in reference to the Karate Kid movie, in which an illegal method was used by the Cobra Kai’s to hurt Daniel Larusso and remove him from the tournament.

The two tie together as when the market will do whatever it has to do to win, short of cheating, but playing dirty.

“No Mercy.”

I’m obviously deep rooted in market behaviors and patterns. I wrote about this recent price actions comparison to August-September of last year earlier this week, and today is a critical day.

In the final leg lower in late September, take a look at the following price action:

Here’s a comparison of the last two months of price action:

A comparison worth noting, IMO.

OA

A couple weeks ago, bulls had hit a low that hadn’t been seen since 2004. This most recent poll has seen a bull/bear spread not seen since 2008.

More later,

OA

Stocks are pretty wound up here, and bonds are slowly grinding higher. With oil at session lows and no other leadership being offered up here, its starting to look pretty dire out here.

Are you trading this, or just watching?

OA