Options Expiration (OPEX) Day

Trading turned mixed after yesterday's breakout day, which was not unusual. Also, our sentiment survey remained in a buy condition for next week with 47% bulls at 43% bears.

I see no reason for this market not to continue its march higher, but we could hit some bumps in the road now that OPEX is behind us. I anticipate I'll be posting a couple of blogs over the weekend, including the tracker charts. I'm off to a birthday party shortly. Be safe and have a great weekend.

 

[andercee]

Maybe you could link your table so we can view the charts easily. Thanks.

TRINQ
BPCOMPQ
etc.

 

[coolhand]

Maybe you could link your table so we can view the charts easily. Thanks.

TRINQ
BPCOMPQ
etc.

I have been playing with that , but haven't been able to make it happen. I do not have a subscription to stockcharts and that may be why it won't allow me to link a chart that has particular parameters inserted. There may be a solution or alternative sites, but at the moment I don't know what they are.

By the way everyone, you can pull up these charts on your own using stockcharts (for free).

 

[EmoDx]

I noticed something in the charts today. The $BPCOMPQ MACD shows a negative divergence. The last time we saw this in the charts was around 10NOV11. On 16NOV11 the S&P 500 started an 8% correction. That correction took 7 days to reverse.

No way of telling if we will do the same thing here. But with the Greece debacle coming to a head in the immediate future and the Transports starting to roll over I think we are prime for a correction.

The question is do you book profits Tuesday or do you ride it out? I booked some profits at COB Friday. I plan on casing out COB Tuesday. If a correction starts on Tuesday and lasts for 7 days I'll be back in the game on the first. If Greece is still iffy on the 1st then I stay out until they figure that crap out. Either way I can't wait until the carnage is over to go bargain hunting.

That's my .2 cents, YMMV.

- Emo

 

[murph]

I love the concept of the 7 Sentinels, but the red light - green light doesn't do it for me. That leaves out a lot of information - exactly the sort of information that led you to go 50% in 50% out, the warning. I'm not sticking around for traffic lights.