Stock Option Trading System

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.

Duration : 0:5:1

Technorati Tags: 08, 08-11-09, 08/11/2009, 11, 12, 2009, 500, AAPL, Alpha, analysis, august, Basics, big, Brian, bull, chart, Charts, dollar, Elliot, FTV, gas, gold, GOOG, GS, how, Idan, Investor, Koren, Learn, learning, market, marketguru, money, oil, option, Practical, raging, read, Resistance, Shannon, SNP, SPY, srs, stock, stocktock, street, Support, TA, technical, The, to, Tony, trade, trading, Trends, ung, wall, Wave, wets, XLF

3 Responses to “Options and Stock Market Technical Chart Analysis for August, 11, 2009 by Idan Koren”