1% Correction Day On 1/18/07

[empee]

wow bluestreek u got 1 right!!

congrats'

 

[syswizard]

Quote from Mvic:

Well today was a start, at least the possibility of going down is still there lol. But with massive options exp tomorrow we could be back making new highs next week. A market as strong as the one we have had recently doesn't break down overnight, it takes a few weeks of buying the dip working less and less before people stop doing it, so like I said today was a start. The reaction to AAPL and IBM and the continuing sell off in OIL make me think that a 5-7% correction is a decent trade here given how cheap puts still are.

True, it is all about the exit. Volume is as good an indicator as I know in that regard.

Isn't unbelieveable that despite a ONE DAY drop, that was so close to expiration, almost no credit spreaders or put buyers benefited ! Also, the 3 prior expirations resulted in the complete blasting of anyone with bearish options positions.

 

[nonlinear5]

Quote from syswizard:

Isn't unbelieveable that despite a ONE DAY drop, that was so close to expiration, almost no credit spreaders or put buyers benefited !

I don't know what you are saying. The January 44 QQQQ Put registered a 300% gain today.

 

[BlueStreek]

you can tack some more profit on that 44 qqqq put tomorrow.

 

[Longhorns]

Quote from nonlinear5:

The January 44 QQQQ Put registered a 300% gain today.

Covered my SPY puts from yesterday afternoon with a 56% gain. Sure would have been nice to have the Q's intsead of the Spiders though.