i am looking for a "relief rally" on Monday assuming no 9/11 terrorism over weekend. Further with weekly options on many equities it creates greater vola with option pinning/unwinding (on Fridays.) This week the market trended higher and thus it "made sense" that unwinding could or might take prices lower coupled with concern over 9/11 and September being a week 'typically' weaker month.
Chances of terrorism on 11th is pretty slim imo, because its a sunday. If they have to strike, I think they will most likely choose some working day - so imo, all of next week (especially monday tuesday is more important). Probably good to sacrifice any long positions in markets this week and just take short positions or probably reduce size and risk. My 2 cents.
last year is UP trend. You can buy any down day, and sell next day. Result might be better. now is in DOWN trend.
This is the 7th time I've seen this referenced today to buy a weak Friday for a Monday pop. Why are so many people talking this I wonder.....
Friday, with the exception of option expiration is to EITHER to keep the public in over the weekend OR............ repel the public (for that point in time). This is in accordance with specialist/market maker inventory posture. IF there is a material gap in "thee market" on any Monday morning, that would suggest multiple MM's acting in concert. Think it through. A gap is to move away from a cost basis. Usually involves a news alibi (whether valid or fluff). As a sidenote for Mikee, it's not a downtrend (yet). Won't be there until # of new 52 week lows is consistently beyond 40. NYSE, of course. Operative word is consistently. I just wuv Life cereal, right Mikee?