Today is Friday and its Quad witching day. I expect an absolute chop session.
S&P key resistance = 800
S&P key support = 750
We aint breaking either one of those today, but what about next week?
Bulls have some control right now and I see bull flags on the charts since this rally began. I suspect that options players are going to buy some puts on Monday for April, this means that they are going to buy stocks. What? How can this be? Well, you see thats how the game is played. They short stock and then buy calls for protection. Right now they need protection on the downside, so expect some put buying and additional stock buying. MtoM accounting is still a potential catalyst and I think many traders are not taking this lightly.
I'm going to be honest: I think we go higher next week.
USO
UNG
FAS
XLE
XLF
AUY
LNC
PRU
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Hello Tenyear
ReplyDeletewhat are you trading today?what is your thoughts on bgu?
Thanks
Predictions are worthless.
DeleteBGU:
ReplyDeleteLets see how the markets react to todays news. If we can't break last weeks highs on this news, then we are heading south. I've sold some longs on this spike....if we break last weeks highs, I'll be buying again. I'm cautious today.
Tenyear
Thanks for the info tenyear.Do you have E mail address?I like to discuss somethinmg with you.I have been following your comments for sometime and I am impressed with your knowledge in market.My E mail address is sungsop1@aol.com
ReplyDeleteThanks
My email:
ReplyDeletetenyeartrader@yahoo.com