The game right now is to hold up QQQQ 44 and sell as many December calls as possible to the speculative retail crowd between today and Monday. The masses all heard Cramer scream buy yesterday (at the highs), and they will jump in on every dip. I expect a test of all 10 day moving averages soon. That would put QQQQ at 43.40/43.50, so I would not chase this here.
Equity pc ratio is at .42 (intraday, 11 AM EST), even with today's drop. That is unbelievably optimistic, given the housing data that just came in. Remember to always look up that ratio, it is the true indicator, not index ratios, which has lots of hedging (although it is a must during opex week, as you can tell from today's action). Equity pc ratio is telling us there is no fear.
Equity pc ratio is at .42 (intraday, 11 AM EST), even with today's drop. That is unbelievably optimistic, given the housing data that just came in. Remember to always look up that ratio, it is the true indicator, not index ratios, which has lots of hedging (although it is a must during opex week, as you can tell from today's action). Equity pc ratio is telling us there is no fear.
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on Friday, November 17, 2006 at 11/17/2006 12:13:00 PM.
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