All of the selling pressure in the market the past few days has been very good to our calendar. As you can see, we're now showing a profit. This calendar that I was about ready to write off might still recover. Time will tell.
There is a ton of talk about the classic head-and-shoulder pattern that is forming in many of the major indices, which may be signaling a downward move. That wouldn't be good, now being long deltas, but I'm hoping it doesn't happen too soon. My personal view is that most of the major indices are also extremely oversold for the short term. If we can get a couple of flat days, or even a short term rally, we might have enough profit to take this off for a gain. Meanwhile, I will prepare for the adjustment if we should move down to 470 (my pre-defined adjustment point). That's about 1 1/2 standard deviations... it would be unlikely, but stranger things have happened.
Good Trading...
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