Kudos to MMs

If you are short SIFs, you are now in danger. The gap fill is imminent, and then it gets interesting. See above post.

nitro
 
Imo, now that the gap has been filled, the markets will establish a new target. Barring any redemption, I don't see why SPX would not target 975.

After that, no one knows. It all depends on whether you believe in Armageddon, or alternatively that the united global efforts are working. In that case, 1200 SPX by year end is an easy target. Otherwise, 782 is the other possible scenario. That is a monster range.

Would I buy a straddle on that analysis, even with VIX at 70? Very hard to say.

nitro
 
Notice the uncertainty. VIX being bid on a decent up day.

If we blast off, people will let go their puts.

nitro
 
Quote from nitro:

Obvious next resistance is 982 SPX, but watch 975.

If we go past that, 1050 SPX is very likely.

nitro
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Ditto.

The selloff a few minutes before the close did not have the feel of redemption. It seemed to be weak longs exiting, on gawd only knows what [profit taking at 970 SPX? Not likely]. Can't say I blame them for being skittish in this environment. They realized mistake imo and bought it back overnight.

nitro
 
Quote from nitro:

CHF.JPY ballistic. EUR.JPY, well let's just say that if we go above 126.50 and then continues higher and if you are short SIFs, that feeling you have in the seat of your pants is the markets leg on the back of your ass.

nitro
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Rick Santelli mentioned Elliot Wave analysis on the dollar, and that we may be in wave four. That is worth looking into on your own.

I would love it if an expert on EW would post a chart of that here.

nitro
 
Quote from nitro:

Obvious next resistance is 982 SPX, but watch 975.

If we go past that, 1050 SPX is very likely.

nitro
More...
Ditto, again.

nitro
 
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