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Quote from piezoe:

Indeed! Keep your eye on 950! We usually don't make the entire move on Monday. It would be unusual for the market to move in a single day to where it needs to be for expiration. But it wouldn't be unusual for the unusual to happen. :D
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why do you think 950 may be significant during this expiration. i understand that 980 is max pain and may attract the price, but 950?

and now that we are above 990 looks like 950 is highly unlikely with 3 days to go.
 
Quote from shortie:

why do you think 950 may be significant during this expiration. i understand that 980 is max pain and may attract the price, but 950?

and now that we are above 990 looks like 950 is highly unlikely with 3 days to go.
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I agree completely, Shortie. I picked out 980 as a key level last week, because if we were to breach that prior to last Friday, then i expected the market to move still lower for expiration. We did not breach it before Friday, and only reached it on Monday. So I would agree that as far as the /ES is concerned it looks currently as though approx. 990 is a reasonable target for the ES this cycle (approx. 20 MA), but of course it is better not to predict but simply wait and see.. Gub said, on Monday i think, that he was waiting for 950, and i agreed (on Monday), that that was just as good a guess as 980 (on Monday). That's all.

I think the main thing for all to recognize is that expiration usually causes some sort of shift anytime from Friday through Wed. and by the close on Wednesday the market usually (but not always) shows its hand and tells us approximately where it wants to be for S&P settlement. This is nothing Earth shattering to you, or any of the other accomplished traders here, but may be a useful observation for beginners to be aware of.
 
Quote from Petsamo:

You guys had a nice chance to drop your shorts this morning. So, did you drop your shorts? :D
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From now on Petsamo, I think instead of saying we are covering, we should say: "We are dropping our shorts" I like that! :D

In my case, as i mentioned previously, my "shorts" are back month puts (does that make them "high waisted, or perhaps Bermuda shorts?) so i likely won't be dropping them until well into the Fall or early Spring.
 
I covered my shorts this morning. The trade was going against me, Instead of waiting for my stops to get hit, I took myself out with minimal losses. I did think about reversing and getting long the indexes, but a few days to a week of relaxation sound better. I think its time to maybe hit vegas for a week or so! Peace out and good trading all. Oh and stocktrader, hope all your "predictions" keep on making you all that fake $ you love!
 
Isn't this just incredible. And on expiration Friday no less! I never would have guessed, not today anyway. I am flabbergasted!
 
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