Thursday, September 18, 2008

Expiration Friday

In case you missed today's crazy market action, it went like this:
SPY: +10, -20, +10, -1, +10, +50 ...for a daily range of 113 - 121!

If you made money, then you're not reading this - because an 8pt range and finishing up 5 was like my third guess about what would happen today.

Anyway, this upside sillyness may have some more short-term upside - given where we are on the bottom trendline of this downtrend. If anything, I would recommend shorting too much more additional strength...if we get it at all. That will all depend on tomorrow's govt sponsored market manipulation. This has been one interesting expiration week and there's still one day to go.

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