Replies to post #198284 on SPDR S&P 500 (SPY)

[imiloa]

fwiw, added SPY may6 205.5 @ 0.12 for potential bounce intraday.

logic:
didn't dump at the open, instead was strong buying momo and L2 bid depth
SPY 2min ADX remained gapped bullish across first 5 min.
VXX 2min ADX still gapped bearish, with VXX dropping faster than SPY rising.

VXX action and bid depth suggests deep pockets think we bounce a bit today
and/or are intent on ensuring that we do.

always risking to play the first 30 min of the open...
this is more a gut hunch based on the buying and L2 in the first few min
plus VXX action.

[imiloa]

re: thinking on may13 calls, my logic was that SPY was nearly OS on STO, and near 204 support level.
plus the general hunch that the bulls aren't done yet
based on general support and rallying of both SPY and oil
amid bad econ and oil news.

but, as noted every day since weds,
if we do see a strong rally today or early next week,
i'm flipping all my calls and loading may30 and late june puts.

[imiloa]

also, max pain is still 207 for today's exps.
http://maximum-pain.com/options/max-pain/?s=SPY

a long way from here, but if this rally isn't a headfake,
206+ seems feasible after that crazy $1 spike in first 10min.