Big NASDAQ Stock Open Interest Under Opening Prices Led to a “Tractor Beam” to the Lower Strikes. With the long bonds still selling off, it didn’t take much for stocks to get pulled down to their lower strike prices. Next week, if bonds don’t rally, the major indexes could break important trendlines.
With a choppy week and OpEx, staying nimble is not only working, it’s the best way to control risk and manage the volatility.
In Monday night’s review I discussed SPX and a target at 4500. That came through today and with this huge upside level tested what might we look for next? Let’s look at a few scenarios in tonight’s update.
