Ehhh we will see.
I did go short today.
Q October 39 put.
The triple top intradays makes me think it's time to come down now.
Plus I've read that the high for September has, for the past 4 years I believe, occurred during Options Exp week--3 days within Options Exp most of the time--, and the rest of the month was down (I guess we could buck the trend but....).
If Qs break 40.20 I'm getting out.
Short squeeze?
Could happen I suppose but I surmise that a lot of shorts have already been shaken on the ride up.
But you've got a point: I also read today that there were few "program trades." And things would have been more volatile if there were. So they could shake it up tomorrow (I hope down).
Myself do you pay much attention to "Max Pain Point?" I read that it is at 39 for September.
I have a friend who works on the floor. He told me that, despite the rally, there was not much 'bias' today. E.G., not same traders coming to him over and over for just buys or just sells. He said things were fighsty: the bears were fighting too.
I'd like to see some Options Exp profit taking tomorrow, and a close at or less 39.60.
We shall see.
~Sean
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