Wednesday, January 14, 2009

Rethink that...

Feb calls for the wave 2/bounce up/retrace play. Mar and Jun puts for the big drop.
Anyway we got a descending wedge right now, so we can expect a bounce up at some point but the wedge is in its early stages. Right now it looks like a bounce in the 82 area.

Now if we bounce in the 82 area...looking for a target of about 86.75 at a minimum, and likely 88.22. I think there will be some very interesting times ahead...Retail is hurting/collapsing...which will bring down CRE...Credit cards are going to start defaulting...both of which will add pressure to the financial industry.
Obama will take the reins soon.


kaptainkrunch said...

well we broke just below 82 nice call..I got smoked the other day on my 86 calls glad I reversed and held 81's into taday for a near double...some reversal e.o.d.