With today's little 800 point swing and the VIX hitting 81 and closing at 67, we have recovered from new lows, shown volume above both the 10 and 20 DMSAs in 3 of our 4 ETF basket (XLF is above the 20, and at the 10), and seen an upslope swing develop in the technicals.
The Qs chart is incorrect . . Telechart data is not updating.
The Qs closed at 32.24, and are now poised at the lower channel band of the daily LR30. While the RSI 2 remains downslope in all 4 ETFs, this could reverse on a small pullback Friday. As some of my previous studies have demonstrated, Fridays have generally fared better as days to sell rather than days to buy. Whether expiration dynamics will muddy those waters remains to be seen, but all things being equal we might see a ncie rally develop next week.
For the risk adverse, some interesting buy/write plays.
GE, for example. With GE at 19.87, the Nov 20 call pays 1.80 or 9%. The 17.50s pay 3.45 or 5% with almost $2.50 in insurance.
Lots of other similar situations.
Hey! If Buffett liked GE at 22.25, shouldn't I love it at $20????