Posted: September 10th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks, Mike and ChartsEdge! Folks - we made it through 9/9/9! Which was also Weird Wallie Wednesday, the Wednesday before opex week when so many change or roll forward options positions, getting ready and getting out of near-month options to avoid the decimation of premium in these last days (except those able to sell such options to poor su- er, "investors" (gamblers) and having sold such options short, benefit by that premium evaporation. Unless of course the option gains into the money, but the max pain graphs show that most expire worthless.
Well tomorrow's 9/11 .... How do I follow up that statement?! Let's just see what today brings; so far the market's levels have at least been consistent with the SPX levels like 1018, 1022/1023, 1028, 1033. Above is 1038 and levels areound it from Andre Gratian and from Tony Caldaro, such as Tony's 1041 pivot. One analyst I've read thinks the dollar sank into a cycle low bottoming perhaps today, but since the dollar lost that Fib level support I don't know if we can chalk it up to Merriman's head fake suggestions or heed Tony's OEW and keep it in the diwnstrending "sell all rallies" category until it proves otherwise. Even so, is it necessarily good for equities? Even Terry Laundry has a "T" maturing soon, as well as some "mystery T". (All sources mentioned can be found in the sites listed at right.) As always we've gotta tread carefully - so happy market navigating!
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