OPTION TRADING

The S&P % this week, ending its worst week in nearly two months. I can’t say that it’s all that surprising to see stocks struggle at this level. Major support was violated in early August that is still haunting the bulls today. We’ve talked about it a million times but let’s look at it again. In addition, there is now quite the battle going on here as the S&P500 is stuck between the 50 and 200 day moving averages:

I’m still in the camp that the recent pullback in stocks is just recognition of this resistance from former support and not the start of something bigger. But let’s keep in mind that it takes time to break through. It’s not going to happen overnight. Meanwhile, I am still looking for a Christmas rally but cautioning you about this week could see extreme volatility because of congress and the supper committees failure to agree upon a plan to cut the Federal deficit.

CREDIT SPRED RESULTS using FIRST 60 MINUTES OF TRADING-https://docs.google.com/spreadsheet/ccc?key=0Aj-gjBJLwH3rdERid3A0RE1GRFlyaHB0S0VxbHc0Vnc&authkey=COb7xdMJ

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