I promised myself that I wasn’t going to post anything until my book is done…just another failed New Years resolution I guess. If you look at the chart below you can see that I’ve marked up a few points of interest. The short-term top (1343) for the ramp into 2011 came on February’s option expiration
QE3 Complacency
There’s no denying that the market was overextended as a result of last week’s Fed decision. So far this week we’ve seen a small pullback in price while many of the short-term indicators have worked off their overbought readings. As long as price stays above the 5-day SMA and the net delta leaning bullish for