UPDATE 2 @ 22:20 (20:20 GMT): S&P500 ends the the day at day' s high 6.37% up, S&P Financials sector leads and is up 15.58% on the day, the financial spin a la Citi rules ...
UPDATE @ 16:45 (14:45 GMT): Impressive move, supported by volume ...
SEC denies suspending "mark-to-market", according to CNBC. If S&P500 holds above 700, we may be for re-visiting the former support (now resistance) levels at 730-770 area. Thursday/next Monday is critical timing (if we hold above 700 level) to judge the sustainability of this rally, if any ...
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ORIGINAL MESSAGE FOLLOWS:
This option market alert of EXTREME BULLISHNESS occurred in a strange market environment, i.e., the market is short-term oversold and in a clear downward trend!
ISEE Index printed a new 52-week high (extreme bullishness) yesterday, and the CBOE Options Equity Put/Call Ratio is at bullish levels too.
Last time similar alert was issued on February 6, 2009, and before that on December 29, 2008 (i was not posting on this blog at that time). Interestingly, that the last alert, in fact, has quite similar background today, as markets are trying the upside with financials in lead (best sector in Europe today) and there was this "mark-to-bankers-myth" spin again ...
If the market fails in the cash market, and we usually have 2-3 trading days, there is a high risk of selling climax ...
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