overnight the S&P tried to rally until the FTSE market opened
now the S&P is pressing below 855 which was a crucial level in October
the low hour is now 819.5
my primary count was looking for one more 99-150 S&P point down move starting from 918(907 hourly) to complete the 5th wave down of the 3rd wave down
if friday's late decline from 918- 850 is wave i of 5(november 4 2008) of III(September 652008) of A(Oct 2007), then today should be a ii wave with 903 a 78% retracement and884 a 50% retracement)
(so far the overnight rally from 850-875 could be 'a' of ii, then this morning's wekaness is wave 'b' of ii (and should not under cut 850 by much), then a wave 'c' up towards 888 would be a perfect pattern with 1pm high today (or 11am high tomorrow on turnaround tuesday up to down?)
current long an emini from 897 and short a Nov 935 call from 7.4. hoping for a grind higher into a close on friday around 925-940
a typical options expiration week should have a low early to trap the put buyers and then a higher move into this friday. so far this week is not acting quite right unless the S&P can sustain prices over 866-876
on the Stock front, nothing looks very good however i will continue to look for relative performers to take long shots
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