Before the Open (Oct 7)

Good morning. Happy Wednesday.
Heading into this week, the bulls had their backs against the wall and as they’ve done several times the last 7 months, they’ve responded. Here’s the daily SPX. Higher highs and higher lows remain the pattern – the intermediate term trend remains up. …


Here’s the 60-min. The uptrending line shown is significant for now. The more touches, the more important. And two gap ups remain unfilled.

I’ve talked about the UD dollar playing a role in the market’s movement. A weak dollar helps; a strong dollar does not. The trend remains down, so for now the market is getting a little boost.

The S&P is down 2 points for the month – not bad considering how the month started. After the close today we’ll look at the put/call open interest for Oct to see if once again the bears have loaded up in anticipation of a big sell-off. More after the open.
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yesterday’s Sector Performance
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0 thoughts on “Before the Open (Oct 7)

  1. I think there’s some serious hedging going on in the Q’z. What I noticed from the after/premarket was strong trend continuation with a possible trading/breather line @:
    43.43407
    however, I wouldn’t recommend long calls unless it pulls back to:
    41.77707
    or there abouts.
    just a hunch.
    wow, @ 9:48am it did that! What am I holding these puts for???
    anyone have any thoughts?

  2. Well, I guess I’m the only one watching this. Kind of like watching paint dry. Reminds me of old Doc singing:
    The sun comes up and the sun goes down
    And the hands on the clock go round and roumd
    I just wake up and it’s time to lay down,
    Life gets teejus, doon’t it.
    Big dog’s move it up then a little down
    adjustin’ their hedges to the fraction hair
    spinning my head like Linda Blair
    what do I care it’s only money
    Yes it does, Doc. It sure does.

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