Tuesday, August 16, 2011

$SPX OPEX Pinning

There is a possible pinning of SPX @ 1200 this week. As Merkozy presser ended, you could see sellers rolling in, but SPX held 1180 and rallied back towards 1200. It will be a chop fest around this range until OPEX is out of the way. On Friday (index options expire Thu night) we will break out of this tight 1180 - 1200 range one way or the other. We will quickly gain or loose 20 points. I hope it goes to 1220 for a selling opportunity. Long to that level with stop below 1180 could be prudent. Do your own research though :)

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