EVERYONE should be reflecting back on the Fall of 2008 becasue EVERYTHING happening RIGHT here, RIGHT now is suggesting a "Ground-Hog" event and we will NOT take it lightly!!
We could NOT breach the R2(46.68), yesterday and we suspect this level, 46.68, will be resistance for the remainder of this Century, dats rigth ALL, Century!!
In addition, we're on the verge of GAP-ing below the R1(45.57, AND the S&P500 YTD OE Pivot(1102.47), and this gives us Pause and reason to entertain a move down that'll be Swift and PAIN-full for ANYONE having long exposure!!
We've played a PERFECT OE period posting insane profits of $584.43 against 40 contracts, hence, we've locked in our gains even after we subtract the losses of our remaining Open positions that'll expire pretty much Worthless!
In fact, even though we NEVER use stops we ALWAYS have our open positions protected with out-of-the money positions of meaning. Therefore, we can sit back and watch the show as our May48 puts sold short at 1.00 go against us this morning to the tune of $2.00 per contract or $48/ 40 contracts, Why, because we have profits to cover said loss and we have May45 puts protecting us against further losses on said position!
That said, it does NOT change the fact that the markets are likely to take a SERIOUS Percentage DROP today and many will lose most if not ALL of their profits and/or nest-egg and we DO NOT LIKE such an outcome, PERIOD!!
It's great playing ONLY one side of the trade when your RIGHT, BUT, when you're wrong (which you will be more then not), it's painfull!! Our thoughts and Prayers go out to ANY and ALL who are gonna get caught up in this Off da-Charts event and may GOD have Mir-a-C on us ALL!!!!!
OEPM S/R lines of meaning!
53.35 20.00% R8
52.24 17.50% R7
51.13 15.00% R6
50.02 12.50% R5 (Serious resistance as of 30Apr)
48.91 10.00% R4 (violated 04May, look to the R3 for guidance now)
47.79 7.50% R3 (violated)
46.68 5.00% R2 (currently STRONG Resistance)
45.57 2.50% R1 (spent a brief moment here on 06/07May)
44.46 0.00% YTD OE Pivot (Final Discount Wave Target on a CLOSE-ing basis and tagged 06/07May))
43.35 -2.50% S1
42.24 -5.00% S2
41.13 -7.50% S3
40.01 -10.00% S4
38.90 -12.50% S5
37.79 -15.00% S6
36.68 -17.50% S7
35.57 -20.00% S8
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