Bernard
I have that feeling about the market as well. The market has excess fervor which needs to be worked off. Today is pointless, in that the market wants to settle right where it was yesterday due to expiration.
They have attacked Puts and Calls each side of yesterdays close so far today. They may go one more time each way but close near the flat line.
One thing can be taken from yesterday and today is that the market appears to have exhausted itself and somekind of correction will follow.
I think buyers will step up and buy the selling initially which means we will not drop much. My target for the SPX is 1282, which had been resistance on the upside and now becomes support.
My bullish take is, we then head up and make a double top on the SPX/Dow 1326/11650 and from there we then start a bigger Fall correction.
This will be bullish, if the correction holds above the July lows, something like 1238 SPX.
If that were to play out we could very well make a huge move up by Jan 07.
This market view is based on the market seeing a soft landing, if the market gets any hint this Fall that a recession lies ahead we will make much lower lows.
This all nonsense right but fun to speculate just the same.
Good trading Bernard
Wish me luck with my Puts in hand, I may need to be quite nimble next week.
steve
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