Friday, December 09, 2011 2:55:19 PM
northam what was the projected high for this Daily Phase II we are in?
I'm in the Bullish camp here but next week should be range bound because of Option Expiration, 125 SPY is Max Pain in my book and it argues we return to this level by weeks end if we move very far in either direction.
I don't see us dropping much for sure, way too many Puts @ 125 and below, they way out number Calls, if anything up would be easier for the market next week.
Here is my Daily SPX chart and the Bow Tie created by the extension of the lines of the triangle, may very well contain price all of next week.
I'm in the Bullish camp here but next week should be range bound because of Option Expiration, 125 SPY is Max Pain in my book and it argues we return to this level by weeks end if we move very far in either direction.
I don't see us dropping much for sure, way too many Puts @ 125 and below, they way out number Calls, if anything up would be easier for the market next week.
Here is my Daily SPX chart and the Bow Tie created by the extension of the lines of the triangle, may very well contain price all of next week.
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