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Sunday, June 20, 2010

Next OPEX I am not waking up

Last Friday has got to be the most boring day in the option expiration history.  After opening flat spx made the low for the day at 7 am and rallied for an hour for 8 points from the low and petered out and closed up a point.  SPX made HH and HL that is positive.  It also closed up for the second day in a row that is positive.  TNA was the better money maker in term of range on Fri and for the whole week.  It was up 4 out of 5 days and went from a low of 44 to 49.  The next resistance is around 51.5.  The chart on left is TNA hourly with Dino's parallel lines.  I joined the high to low and drew equidistant parallel lines the grren ones are resistance and the red ones are support.  
The chart on right is SPX hourly with Gann angles.  50% retracement is at 1130 around the same level where a 1x4 lines resitance is.  That 1130 should prove to be a good resistance.  We have another 20 hours or so to complete the 145 hr cycle and that is roughly 2.5 days.  We also have a another 2 days to go on a 13 day cycle (top to top) on a daily chart.  This scenario is positive for SPX. 
I am slightly bullish would very minutely short at 1130 or higher with tight stops.  If I get a cloud walk then I will wait till 11.30 before any action.  If I get DMRM signal I will take it and go short. I want to try to avoid going bullish at 90 points above the bottom nearly at  the 50% line.

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