As you can see, we have had an quick shift on the index options side with the put call shooting higher this week into oversold territory....even with the S&P 500 having rallied strongly off the lows with the S&P futures hitting 1003 the day of the lows (that some are calling for the year). Is this a case of everyone overreacting to the information? I am thinking yes. Sentiment today on the bubblevision was so dramatically bearish that I thought we had fallen 1000 points again when in fact the market was just run down like we had been run higher over the past few weeks. I am looking to get long Monday over the 1075 level so we'll see how the market plays out. I am holding shorts but if that 1075 level is taken out, my guess we'll be heading back towards the 1000 level quickly as the shorts, like myself, run for the hills.via StockCharts.com
"
No comments:
Post a Comment