Kudos to MMs

Quote from nitro:

Don't let the doom gloom sway you into panicing. Fair Value is approximately 820 SPX. When we reach that, the talking heads will be talking about the end of the world again because all they know is momentum.

We have a buy order in 820ish SPX, until further notice.
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good call @820. :)
 
Thx for the kind words.

SPX 840-845 minor resistance for sure. It may even be tough resistance based on what we saw yesterday at this level.

SPX options vola was adjusted down at about 9:15 CST. Therefore, expect we may be in a 15 SPX range +/- now for days until we hear some resolution to the auto crisis. That will eat into VIX.
 
Losing 820 is bad news. SIFs are in grave grave danger of testing the bear low of about 735. Support 782, but I would just brace myself if we lose these levels.
 
Quote from nitro:

Losing 820 is bad news. SIFs are in grave grave danger of testing the bear low of about 735. Support 782, but I would just brace myself if we lose these levels.
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I have nothing more to add.

Ok, I do have more to add. The unemployment # will be horrendous imo, or it will be revised to be so. I would not buy 820 this time around. I might take a shot at 782. I will always buy 742.

SPX closed extremely efficiently yesterday. ~842 was very close to Fair Value yesterday, all other things being equal.

NOTE: Fair Value is a terribly overloaded term in finance. I mean my notion of FV, not anything that you can point to and say he means that.
 
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