Hi Orwell,
You could be right. What worries me is the crowded nature of the short trade and long queue of dip buyers. 90% retail positions are short SPX and sentiment has remained short since March. If we do get a mini sell-off I'll be very happy.
As for our local market, at the moment, I am seeing Asia in the green. XJO has turned around from being down -0.9% to -0.4%. Looks like there are many dip buyers still around. I suspect that it may well take a few more sessions of back and forth movement before a real pullback becomes visible. Next week is the XJO OPEX and highest open interest is on 5600 calls followed by 5500 calls - think buyers are defending 5500 and want to push towards 5600 if they can(though 5600 looks distant now).
Hi Orwell, You could be right. What worries me is the crowded...
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