Replies to post #186616 on Zeev's Turnips Patch-No Politics (ZEEV)

[jdaasoc]

Last year with more bearish sentiment we had drawn out top from 6th to 14th.

Options expiry is 16th and market still wants to wallow in the bonus and 401K money coming in early January.

Still way too much cash around in hands of bulls to have perceptible decline until post expiry IMO.

So week before expiry is right inside your Jan 6th target. Max pain and delta hedging gets market churning from here on in. IMO 2-4% higher from here before they comfortable with settlement prices followed by a flattish second week of month of Jan.

Still all long and not too many price targets reached yet. MRK and C getting close.

[ajtj99]

Zeev, I think we get a couple of doji days, a higher close on Wednesday and Friday, and a spike high on Monday. The pattern may play out similar to early September (today would be Sept. 2 in the pattern).

Les' scans are eerily similar to Sept. 2, and we are 13-days prior to expiration just like then, with the NDX about the same distance above my Max Pain target low.

I was originally looking for a high on Jan. 7, but the 5th seems more likely right now.