2nd target met, vol surge, could be a rebound here first then we'll see. I'm not sure about another bear leg because it's the 2nd test of day low now, so 40% chances of double bottom here. A sharp rebound would be a bad sign for bears.
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3rd leg down, still 40% chances of double bottom if not higher.
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Santa Rally & Stock Traders Almanac-
"If Santa Claus should fail to call bears may come to Broad and Wall"
Last 5 days of the year and first two days of January with an average of 1.4% gain. Failure usually proceeds bear markets or at least years where prices will be lower later.
Mr. M, It seems like the NYMO did not quite continue on to make a "M" shape (despite the drop). It sort of flattened out today. That could mean a moral victory for the bulls?
MrMiyagi wrote:Intraday NYMO down to +17.38, despite the drop it is still not at the day's low.
Trades with cats wrote:Santa Rally & Stock Traders Almanac-
"If Santa Claus should fail to call bears may come to Broad and Wall"
Last 5 days of the year and first two days of January with an average of 1.4% gain. Failure usually proceeds bear markets or at least years where prices will be lower later.
nikman wrote:Mr. M, It seems like the NYMO did not quite continue on to make a "M" shape (despite the drop). It sort of flattened out today. That could mean a moral victory for the bulls?
No, not yet, it doesn't have to be a pretty "M", as long as it doesn't turn up.
However, I am debating getting a couple of calls to start 2016. Except that there isn't an extreme reached in anything so the bounce would purely be PPT.
nikman wrote:Mr. M, It seems like the NYMO did not quite continue on to make a "M" shape (despite the drop). It sort of flattened out today. That could mean a moral victory for the bulls?
No, not yet, it doesn't have to be a pretty "M", as long as it doesn't turn up.
However, I am debating getting a couple of calls to start 2016. Except that there isn't an extreme reached in anything so the bounce would purely be PPT.
nikman wrote:Mr. M, It seems like the NYMO did not quite continue on to make a "M" shape (despite the drop). It sort of flattened out today. That could mean a moral victory for the bulls?
No, not yet, it doesn't have to be a pretty "M", as long as it doesn't turn up.
However, I am debating getting a couple of calls to start 2016. Except that there isn't an extreme reached in anything so the bounce would purely be PPT.
Mr.M, I wonder how you handle the negative theta or time decay of your option trade?