Give me a break. That Middle East stuff hardly makes a difference anymore. They are grasping at straws. The close was a 50% re-trace of the drop off the high. That was painted to screw with us just like yesterday was. Nothing is easy right now.
Basically we gapped, gave it all up, and got half of it back, but closed below where we gapped.
For people looking for silver linings, we made a higher high and a higher low. However, there were only 16 new highs on the COMP, less than yesterday's number by about 5.
If you can glean any bullishness from that, it's that we often bottom when the new highs hit 15 or less. I'm not sure that's the case right now, but it is something I've been keeping my eye on.
The May options ramp rally lasted 5 trading days from re-test to peak. We've finished day two of maybe four days.
May was good for 200 COMP points. This one was good for 110 peak points so far. However, the potential for this bounce is probably only 1450 COMP or so, IMO. That is about 135 points from the local low of 1315. Even 1450 is a bit of a stretch, but I don't rule it out. Most big caps with the exception of AMGN an MSFT hit Max Pain today, so the only play left is getting MSFT to 55 while keeping the QQQ Max Pain of 25 in check. I don't think that can be done.
MSFT does not always make pain, so it will not be a shame if it misses. It came pretty close today at 53.80.
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