Thought I clean it up a little.
Pretty much, how I'm hoping to play it.
Someone posted an election year chart on Reddit. Really just for reference, besides January and February pretty consistent in terms of sentiment per month.
the /dx gap has been filled. Very good possibility of the dollar bounces and the /es playing out the H&S pattern shown below..
I actually bought some July 560p. Going back to my roots a little bit and staying away from the weeklies for the most part, I feel the choppiness is killing me. I'm still looking for GOOG to break Tuesday's low
Good luck. I'm hesitant to buy July's at this point.
But I still think it's going lower, that weekly chart is ugly.
If the head should pattern plays out, we're looking for a target of roughly 130.5.So far its leading my to be believe we'll see a little more downside tomorrow.
I was looking at some of the option volume and there's definitely a put heavy bias. Seeing how many of those puts were traded at less than or equal to bid leads me to believe those are being sold as well as bought. With a swing like that, I suppose its expected.
Thanks for the invite Charulz,
I would like to chime in on the Dollar correlation.
I have this odd idea that the correlation always exists.
When the correlation seems "weak" as Rando put it, I think that is when the markets are really moving on their own merit, so to speak.
I've logged this crazy theory of mine that hidden sentiment exists in the difference in between the two. "Strong" correlation would be the market responding only to fluctuations in the currency or what I define as "parity" or not much difference.
I also think that the difference between US Treasuries and Yield bears watching.
As well as Gold I think may be telling us direction.
Yeah I'm starting to drift away from trading the formation. It's been incredibly difficult to even day trade, hard to even ride the momentum with violent swings triggering my trail stops and stop losses unexpectedly. Like GOOG this morning. Takes out last two day's low, set a trail stop and GOOG rips and runs past my trail stop. I may be leaning towards the bullish side here, so far the market isn't moving in a way you'd expect if poor sentiments were to come from Greece over the weekend. Rando's post slipped past me and I didn't notice it until earlier today and I agree, maybe we should be looking for max pain around these levels.