- dollar makes biggest gain against euro, ever!
- optimism about a passing of bailout soon
- best session for SPX in 6 years time
- jewish holiday, congress not in session
Commentary: today is real..not bullshit...but its not news, just that that market was very very oversold. optimism might be a real catalyst but for the most part, all weak hands that wanted to sell sold yesterday..so today buyers had little resistance...slightly more of today's action will probably come even despite new developments from congress...i don't see today was a 1 day thing...but definitely not a reversal either...just best to stay bullish for a few more days...
Technicals
- light volume when compared to yesterday
- resistance not hit yet
SPX
- very strong
- dwarfed by yesterday's candle
NDX
- inside bar
- big numbers but didn't feel very strong to me
XLF
- back at the rectangle...
- chart so choppy i dunno how important this rectangle really will be in the short term
RKH
- support holds
- expect it to move up a little more...
- today just looks like a hold...not exactly the push up that i expected
UUP
- at resistance...
- big big move as euro falls
- no volume
Analysis: as the VIX is still at skyhigh levels, a short ban present, and news on the bailout making headlines every hour, i expect most traders to be sidelined...options implied volatility is still crazy high making it near impossible to many any money from options. despite huge moves in the market today, because the VIX fell hard, many options didn't make any money at all...many out of the money options actually lost money...thats jus the volatility sucking out the premium...the best way is just to sell options at this moment...but since i can't do that, i remain sidelined...i planned to get back into the game on thursday if the short ban isn't extended but seeing how the bailout news dominate the stock market and IV remains too high, i might just extend my little break...i would not call this cherry picking season...
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