Yesterday and Today
Yesterday
A big up day that I was expecting, and said as much the previous day – albeit with a good deal of verbal hedging. The markets opened 200 points higher with the E-minis up 18ish. Eventually they worked their way back down with the E-minis (SPX) getting to unchanged before bouncing. The rest of the day they worked their way back to close on the highs.
TODAY
At this point people are about as bearish as I have seen, and we are twice as far from the underbelly of the 200-day moving as we were in September. Major market players and analysts are calling this the start of a bear market. With that many people afraid I have to think we will climb. We will likely climb hard, fast and in a chaotic manner. There will be swings and volatility.
I am now back to giving my guesstimate. The slow down in climbing will only be a result of when oil and China do not cooperate, but they didn’t cooperate yesterday and we closed up 300.
OPTION TRADERS
Say good bye to high volatility levels and expect 15% – 18% in a week (if not sooner). Of course this is a guestimate.
Gear up as we start a Random Walker Spread example – the first in a long time.
POT is held each Wednesday night at 7:00pm eastern.
Contract the office at 1- 855 – RWT – 0008 for more details.
Too True To Be Funny
Attorney Stuff
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