thursday options expiry, page-69

I got that Locke video to work, thanks pj for those posts.

He's saying a top is in of the S&P (probably ie greater than 50% chance) but if we get a higher low against Monday appear on the daily I'll probably go long as the best it could do on the down side is 1/4 of the rally retracement and within 2 days we're back over the prior swing low. So no fast down trend happening.

The sell off after the June high couldn't get legs and now the first attempt here hasn't been able to get leg either. Of course that could change.

I guess when a major low like March is in it takes a while before people panic again. The weak hands aren't holding enough of the stock yet. The strong hands are, and it takes a bit more for them to give in.

Back to the hear and now, what may happen if Locke is right I'm guessing is that it grinds back up to 1018 into late next week or even the following week and then drops off after that but we'd get plenty of warning for that drop if it set up like that.

For now there's no urgency to sell the way things appear to me. It might also be there's no urgency to buy at these levels either, but a final burst of euphoria would be nice to cap off the rally since March.

Not sure if I've added anything of worth here, as I get the feeling its taken me 6 paragraphs to say nothing...:/