Call buying

I've been concerned about the call buying while anticipating a move into a top but when it's going on on a day like today you gotta think the bears have the upper hand!

I've been concerned about the call buying while anticipating a move
into a top but when it's going on on a day like today you gotta think
the bears have the upper hand!

last CBOE intrday reading was .78 unreal

Utilities acting very poorly does not indicate any IT bottom IMO. I'm beginning to think there's a good chance we take out 800 ES. With so many waiting for 741 ES I'm not so sure we hit that number. If we do I think it's a ST bull trade and then lower. As I read the stuff coming out of Washington WRT markets and macro finance I'm convinced we have ZERO leaders in Washington. People are out of touch with reality. It's all consensus building and no leadership. This may be a positive as it will force the market to find its own bottom.

Its all those bloggers from RD's poll loading up

Edited by ogm, 12 February 2009 - 11:38 AM.

Yep, for sure bears have the upper hand and will for another week I'm afraid. 740? I think we cut through that number next week.