Secondary Action

The current correction should find support between 1040 and 1060 on the S&P 500, if it follows the path of previous corrections in the past 3 months. The safest course of action would be to wait until the market is maximum oversold and not guess at a price level. The market will be maximum oversold late this week or Monday of next week. I am most interested to see if we get secondaries in the financial space. If that occurs I think we could blow through 1040. Have a good night.

2 comments:

ryanonthebeach said...

secondary what?
just kidding...
my theory is we've filled the gap on the spy from about this time last year... 110
bought two sets of call spreads in the low 20's on the vix...
time for a decent correction
will keep buying nov, dec, jan

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