Tuesday, November 13, 2012

Charts 11-13: Slow-motion wave 3

Today looked like a and b of a wave 2 up, correcting the drop from 1433 to 1371.  Ideally, c of 2 will loiter and eat the rest of this opex week, leaving us at 1402, well within the confines of the channel.

That's 378K of SPY 140 puts going to Options Heaven!  poof!  Only to resume the decline next week ...

I think I have new (old) music to grind charts by -- Frank Sinatra's deep, dark "Only the Lonely".  Now there's an album that is coherent and complete, a real work of art.

short-term SPX

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