Close:
Ugly. SPX loses the April 15th low of 1324.35 and settled just above the March 31st opening price. The head and shoulder has now seen a 76.4% projection, 100% would be at 1300 if we lose 1316 on Monday. The COMP fared better, holding on to the June lows, in fact closing 18 points above. Higher oil was blamed, but I suspect all those puts suddenly became alive and we saw a tremendous amount of delta hedging. We were due for a down op-ex, we got it.
Ugly. SPX loses the April 15th low of 1324.35 and settled just above the March 31st opening price. The head and shoulder has now seen a 76.4% projection, 100% would be at 1300 if we lose 1316 on Monday. The COMP fared better, holding on to the June lows, in fact closing 18 points above. Higher oil was blamed, but I suspect all those puts suddenly became alive and we saw a tremendous amount of delta hedging. We were due for a down op-ex, we got it.
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on Friday, June 20, 2008 at 6/20/2008 06:49:00 PM.
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