By Sell Puts
Again today we have seen another wild range, even with the VIX at rather low levels in relation to the past 2 years (VIX 1.3% was +8% off open) historically we are still high but does not warrant the intra day swings which revert to mean every day. What do these signals tell me? They tell me there are firms out there waiting for a market mover to pull the trigger.
As for the SPOOZ we opened to selling right off the 1140 level, all the way down to 1127.25. This fall was precipitated by AAPL which is 20% of the NDX 100. Once we bottomed out today's POMO started, this carried the market all the way up to the 1141.75 level before retreating on lack of liquidity and volume. you can see the volume decrescendo above in the chart. You think its coincidence? hell no its not. This market is being propped. IF we push back into the red today below 1138 we should see some more momo selling from the trend chasers.
As you all saw on twitter today, i got a bit wild. But you know what someone has to get the word out... Look for my next post on AAPL mini crash..
