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SPX has taken a hammering and we have seen some extremes in Price Action that are potentially indicative of exhaustive move to fade in coming week/s . Friday was the 9th consecutive day close was lower than open with that extreme the highest since Lehmans collapse in 2008 . 60 day drop from highs another extreme level and stocks above the 200dma under 20% . These levels are areas where i begin to look for a bounce . Will update some charts when my platform is back on line
All in the same theme . That buying while most are crying ' thing ' with appropriate risk management of course
A key take away here is 2008 lehmans collapse is where much of this would fail , outside this its not the worst place to have a ' go ' . Risk is clearly harder to manage in this volatility and must be taken into account , smaller sizing goes part way to addressing that .
Well didnt expect 6.5% move of lows inside a day but i will take it . 10% might be conservative . Outright longs and some way OTM Jan calls looking sweet , not so OTM now
