Thursday, July 14, 2011

Stock Futures Update

As I suspected, we had a retest of lows of the week (with help of Moody's). Bouncing higher as I type and perhaps we start the frantic end of OPEX week. This is the time when option traders teach futures traders how to inflict the maximum pain on the one trading against you. I respect option traders for the hard work they do, as there is so much more to option trading (greeks, etc.) than futures. I like to sit back, if have position on, and not initiate any new ones passed Wed night on OPEX week. Look for 1300 to 1350 range to be played in SPX. A lot of commotion will happen in this congested zone.

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