One of those boring days, where the market closes at the high of the day creating a new high of the day at the close .
*OIL 81.24 2.29 +2.90% Market goes up, oil goes up dollar falls. Cannot wait to start paying over $3.00 at the pump, guess higher oil prices do mean a recovery is on the way, yea right.
Today is probably over because we'll just flat line from here. The question is tomorrow's open, we're up against some resistance around 112 and we're above the 200 day.
Is it trustworthy? With today's move if it is a bull leg, people would start buying retreats. I am however not trusting this one--based on my feelings only (which is what Shortie may refer to as intuitive trading?). If we get a selloff today, I would be waiting to buy at the close of the gap, and also cover some short calls. Those who did not vote, please do so immediately. We have now 37 votes. Those who voted, warmest thanks. Your contribution is appreciated. NOTE: I renew my call to readers of Shortie's threads to vote immediately. Help our friend shortie so he can help us. Please vote now. Do not delay it. a minimum of 100 voters are needed for this to be meaningful.
could somebody explain to me this? VIX is in mid-low 20s and almost every day is a large-range day (today the intraday is range is small so far but we already had a giant gap and the day is not over). it has been 3 months since Flash Crash but there are only a handful of narrow range days in that time span. what does it all mean going forward?
It might mean that sellers of premium are more cautious today than they were last Friday, maybe concerned of a retreat later today or tomorrow to close the gap. My reading of it: cautiously bullish, similar to my comment about trust of this bull leg.
Looking at the daily SPY recently gaps have been getting filled in within a couple days so I'll keep my short overnight.