I really don’t like days like this, or for that matter the last couple days. All action is at the open and then chop, chop, chop. I bought TNA in the last half-hour of the day to take advantage of a perceived run-up…got in at 40.04 and got out at 40.34…it took about 45 seconds. I could have stayed longer and made another 20 cents, but Options expiration is all politics, psychology and luck….no technical setups to be had. Tomorrow may be even crazier….no economic news scheduled. So take profits, and small losses, quickly!
According to the Stock Trader’s Almanac, November Option Expiration has been up 4 straight years and 6 out of the last 7. And remember last year? The Dow was up 494 points or 6.5%….now wouldn’t that be something!
The Advance/Decline issues and volumes were very negative today, even though the markets did recover off their lows. The small caps were hardest hit as the Russell had 1630 declining issues with a negative volume of over -11:1. Those are some bearish numbers and on higher volume than yesterday.
Tomorrow may be a dull day, even though it is OpEx. It’s Friday, no eco data, no big earnings reports….I guess the options players will be closing positions just to get on their way.
Here’s a crazy one….Yesterday it was announced that this property, built in 1975 at a cost of $75 million, with a replacement cost today of $750 million, was sold at auction: Silverdome. The price $583,000. Yes, 583 thousand dollars. If this is the state of commercial property we’re all in big trouble. I just don’t understand why SRS isn’t doing better. Maybe it doesn’t know yet. 
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