actio-et-reactio
Balance is but a brief transition between extremes.
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Wednesday, January 16, 2002
OE Kriminals
Wollie Don says to understand price action during Options Expiration "week", you have to think like a kriminal. And the trez nasty close underscores that completely. The DJ swooned to the point of curbs and the Nasdaq woke out of a 3-hour midday narcoleptic nap to stumble off the couch. The thumbscrews come off tomorrow-- maybe.
Unfortunately, the COMPQ closed at 1944, just under the 50d MA at 1951. Overshoot? The last overshoot was of the 34d MA 12/14, when the triangle
did not break. Think like a kriminal!! Gap UP in the morning... or at worst, a flat open-trend up day. The two gap downs on this chart are troublesome... but euphoria usually brings in mo-mo and Bob's your uncle, away we go.
[ removed the chart -- it may be wrecking havoc for some viewers ]
Labels: market-calls-dated, sentiment
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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