Market Sense and Sentiment

[bbgold]

Morning Steve,
Puts are still looking pretty good here. The markets are still Testing the 100/320SMA support. This mornings exhaustion move is starting to look a lot like the move to 9000 and 950 S&P in December. We still need some kind of a breakdown to confirm that though. Yes, it is possible that the 100/320SMA will continue to be Support and we move higher. Unless we can break 8000 or 850 and have it become Support then the path of least resistance will be Down though IMO. Yes, the possibility of further consolidation or bounces give any of the downturns as good opportunities to cash in some Puts and avoid further time erosion. The markets could indeed continue to consolidate here for a while. Only time will tell.
Good Trading Steve! :^)