Thursday, August 18, 2011

Market Observation Pre-Open

Stock Indices are in fib retrace. NDX will hit 50% at the open. SPX and Dow are lagging in decline, currently down roughly 38.2%, but nearing 50% as I type. These sharp pullbacks before OpEx are suspect, as OpEx usually brings upside bias. VIX calls will be flying, but I will not be surprised to see aggressive selling into that. Hence, after an initial move down at the open we may see short covering and a rally into the close develop.

As always, use your research and follow your plans.

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