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Max pain of indices - DIA dropped to 126 and SPY dropped to 139 (stillbullish?). Financials XLF and homebuilders XHB looked terrible,probably will have a small bounce from lower BB before diving to Janlows. Real estate IYR held up reasonably well - but it is hard to trustthat it will have much upside room. In general, I feel there will beanother shoe dropping later this week. On the other hand, today's doji*may* indicate a short-term rally, so I plan to long (for a quicktrade) if SPX can stay above today's high for several hours. Forspecific trades, I saw massive call vol on utilities XLU and put vol onconsumer discretionary XLY last Friday, so I may follow both - call XLU on dips andput XLY on rallies. |
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