Maybe its just because its options expiration Friday, but there is a ton of complacency out there today with all the call buying and the put call ratios are once again very low.
This in a down market that is trending down intraday. Looks like we're probably not gonna be able to have that strong close that people are conditioned to.
Everyone knows the pattern, buy the dip at 10:30 AM and sell at the close for a quick profit. But who's gonna be the idiot buying the close today when they could have bought it earlier in the day??
Everyone is looking for a strong close on opex Friday, I don't think its gonna quite work out that way...not with this kind of rampant call buying in a down market. Market is not that easy.
Friday, October 16, 2009
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