Well Traders, not a bad day. The $NDX didn't move very much after its precipitous drop yesterday. The index gained a mere $3.13 to end at $1,796 for the week. Days like this are terrific since most of what happens is time decay burnoff, which is exactly what I want. Now that Options Expiration Day for January has come and gone, time value should burn off at an increasing pace. Still, I must be cautious at all times because what the Market giveth, the Market taketh away!Looking at the chart, it looks like we still have some downward pressure based on the MACD and STO. It looks to me that we have 2-4 more days of a downturn before we may see a bounce and reversal. The questions is, how far can this fall before it turns again?
Have a GREAT weekend!
Happy Trading!
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