Good morning, and welcome to the last day of 2012, although I should already say happy new year to all my Asia readers ! Futures are as expected, we're opening around the levels seen from last Fridays after hours session. The sp' is -10pts, and we're set to open around sp'1392/90..somewhere just over the 200 day MA.
So, it looks like we're going to open in the low sp'1390s. This is good, and is our first break below 1400 since Dec'5th.
What am I doing today ?
I need to rollover some option positions, so I'll exit at the open, and look to re-short later in the day, but in a further out month.
Be absolutely clear, I will now be shorting all the way to the low sp'1200s. However, I will try to 'dance' in/out of a few positions if the smaller 15/60min cycles look oversold at various times.
*I have my backup mobile internet now working, so I will be able to post as necessary, intra-hour updates..if price action is 'dynamic'.
Good wishes for Monday, and.the very best of bearish hopes for 2013 !
UPDATE 8.50am ... I'm not sure why but the market is jumping higher... sp now -2pts..set to open around 1400.
hmm, well, if we open @ 1400, I'll sit back and wait for lower levels. I am not exiting @ 1400.
UPDATE 9.35am CLOSED spy puts and VIX calls
I'll re-short later in the day...probably.
Bounce potential..probably sp'1410/15...but I can't see 1420s again.