The S&P has now retraced 83 points from its high of 1,343 on February 18. We only have another 62 points to correct all the way back down to the April 2010 highs in the 1,200 area.
Looking at the market today and the headlines that are coming out of Japan and the Middle East, it is not hard to build a scenario where we are right back at that 1,200 level, with much of the recent rally wiped out.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
The problem is that the market is no trading on news and emotion. I think we are seeing that today. Obviously, human emotion (I still think there is quite a bit of that in the market despite the algos) are terribly volatile.
Mixing that with the very disturbing global headlines and we could see some massive moves in the next week. What has not happened yet, it seems, is just a complete and total panic driven sell-off. Don't be surprised if we get one of those before this correction is over.