After a strong run up yesterday to 186.15 we had a sell off day today. One thing to learn when you are trading is this: How many people are losing money? Because of the run up yesterday, people dumped their Put Options to the Market, and for those Market Makers who HAVE TO take them had to do something with it. We had 800,000 contracts dumped yesterday vs the Buying of the Puts. Today though is a different story, we are back to an even ratio of Buying and Selling of Puts and we closed above 185. We should see a continuation upwards. We are hovering around 185 and it only takes one thing to move the market upwards. Tomorrow should be interesting with the Home Sales and Thursday Job Claims.
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