Wall Street lives in FEAR that Europe will drag the world back into recession. Oil is declining in price while precious oil spills out,and it's summer, time of hurricanes and higher prices. Gold hits highs. Conjecture is rampant. 1280 we still see as PNF estimate as a top, but prices rising dramatically by fall, and silver following it.
Calls were profitable for those that owned them from yesterday, rising from 2.95 to 3.20 average buys to highs of 4.50 in early morning trading. Puts were also possible for profits!
OEX JUN 2010 450.0000 PUT. This was an easy buy as low as 2.95 with sales to 3.30 by 2.00 p.m.
I thought you would be interested in the following story on WSJ.com.
Crude Slides to a 2010 Low
http://online.wsj.com/article/SB10001424052748703315404575250001857807896.html
Most bulls see upside targets of 10,753, 10,990, and 11,030. Market moves were hesitant all of 5/18 thru 2 p.m. with bounces above and below the pivot. The market tried lows again in the 3 p.m. hour but held in the same whipsaw.
Most trading analysts see more significant lows potentially taking place through May, while others analysts continue to see an 11,000 run before more downside.
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