Wednesday, September 7, 2011

SPX channel

Keep an open mind with this market.  I'm watching this channel very closely and since we bounced off the lower end of it yesterday I wanted to show a couple possible outcomes from here. I'm going to keep this simple. 1177-1192 I think is worth taking a shot short. You can easily manage risk and we could break down to 1100ish or lower in the red scenario.  But we might not break so move your stop to break-even or take some profits if we show signs of reversing.  Good luck.

 *Special thanks to Option Radar, BMO Capital, MEB Options, Bloomberg, Reuters, Optionistics, LiveVolPro, CBOE, AMEX, Option Monster, T.O.P. group, and all of the options desks and traders we work with to provide the option flow!

 No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.

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