OK, my wife who has been in Hungary since March as many of you know, is now at the Miami airport and I need to get a move on to get through Miami rush hour traffic to pick her up so this will be my last post for market hours, I will have some posts up this weekend.
As far as the direction of 3C as it almost always picks up where it left off on the next trading day, even over weekends, there's
every reason to believe now that we are through options-expiration market pinning, that we can move lower.
The charts suggest we will see downside come Monday and I have little doubt it will be the move to the lower end of the range.
Here are a couple of SPY charts I captured real quick...
SPY1 min leading negative, price action should pick up Monday morning where it left off at the close Friday and this is a strong negative trend.
The 3 min leading negative. The longer charts are important for longer trends, but as far as what we expect to see starting early in the week (Monday), it's downside so hopefully our VXX calls do well.
I'll be back later, enjoy your weekend.
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