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Wild Day, Closed Above My SPX Level
http://www.stockrake.com/is-the-us-dollar-ready...
Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126's on Friday, instead of waiting until today (Monday). So I am down a little today on those.
When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don't see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?
You know oversold and overbought can last longer than we think and I think we may be entering one of those periods as opposed to the type of market where a selloff ensues immediately after the first instance of overbought.