There are alarm bells going off in the options pits. The put/call ratios are extremely low this morning. I would consider this just a one off were it not for the complacent sentiment that I have seen on CNBC and the relief that came after the Fed minutes with QE 2 on schedule as planned.
I have repeatedly noted the strength of this market but today feels like a fulcrum day. A day where the hesistant just say get me in and the shorts just throw in the towel. We may touch 1175 a couple more times in the coming days, but I see little upside near term. The risk reward on the short side is very compelling here.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment