Options and Stock Market Technical Chart Analysis for August, 11, 2009 by Idan Koren

Today we look at the sell off that broke the S&P channel, and how we played it short from both the XLF and BEN puts side, and the SPY puts side that were put on later that day. I added some GLD september puts in anticipation for a further move to the downside. Because not only the channel but a major support line was breached the next move could be another dump of stocks, there is however a potential for another small rise in stocks to form a more complete H&S formation on the 60 minute charts. It seems like there is a relatively clear path towards the 961 level on the S&P which is the neckline of the major inverse H&S that everyone has seen in the past. I also look at Gold (GLD), XLF, and BEN.

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[tfrenn]

Dow 10000 by the end of the year/ Any takers.

[stevegoff420]

I'm a fundamentalist and market psychology trader(in BEAR mode for about a week now) But the technicals can't nor should they for that matter, be ignored here at these falsely fomented levels.

[stevegoff420]

I really like watching and listening to this guy. He belongs on TV,,, A far cry from them morons on CNBC currently!