Keep getting whip lashed today out of the short term index positions... each time we seem headed for a move one way or the other we hold, and change back to the other direction. Dropped these newly minted puts bought a short time ago, as we regain S&P 1045. We were at the edge of the cliff, but someone pulled us back.
For months on end each time a key technical support level has been tested of flurry of buying has come out of the blue - some say suspiciously so. Which is why it is hard to really bet against this market ... for example, a break of the 20 day moving average today would invite a lot of sellers. We were breaking (below 1044) but instead of the sellers, *bam* a flurry of buying in the last 20 minutes.
Intraday chart with comments:
I'm done with the options for the day unless we make a new low of the day or high for the day... going to get fitted for neck brace in the meantime.
Keeping large cash position, looking selectively to buy individual stocks that drop in price substantially, while awaiting direction on the greater market. Still looking for that bounce off support ... as our buyer helps nudge us in the right direction.
Free markets and all...