Hi Everyone
If you ever wanted an indication of the power of the OVI you witnessed it today. All the indices buckled – note my email/blog yesterday which highlighted that while the markets had been drifting upwards, the OVI was distinctly subdued for the Dow and the S&P.
As for Goldman Sachs (GS) that was one heck of a ride yesterday, riding up 4 points before closing marginally down from the open! What’s more, it suckered a few folks into long positions just above the $160 resistance level. The stock did the briefest of “peek-a-boos” above the early February high before doing a sharp 180 degree turn south.
Tomorrow is going to be an interesting day for sure. Hopefully I’ll get an OVI snapshot out to you early on.
While writing, a quick data update: The OCC will soon roll out the next phase of options ticker symbols. We’re ready for it but we are taking the opportunity to undertake a major upgrade to our systems. This will affect our server performance intermittently but we’ll do our best to minimize any delays.
If you didn’t see yesterday’s email/blog, please read it here: http://www.flag-trader.com/Flag-Trader-Stock-Consolidation-Chart-Pattern-Trading-BlogViewer.aspx?BlogId=88.
All the best