It closed up at 36.16 right at the current resistence level. However, the volume is below average. It has also reached short-term overbought condition. It won’t hurt to take some money off the table if you have bought at 34. The next resistence is still 37 and support may be at 35 or 34.
As expected, the good economic news has pushed the market across the board higher today. QQQ closed at 35.34. The volume is higher, but not very high. The resistence is now 36 and support is 34. Interestingly, the intraday high was right below the SMA20, which acted as the resistence at current level. The market is still weak, we shall see if the 34 is the intermediate bottom.
SOHU closed above the 20SMA in average volume. It looks good to break the resistence at 30.
I will watch it closely this week and plan to close half of the position if it crosses 30 intraday to book some profits in case it pulls back below 30.
The current open interest in Mar 30C is 7,839, which is not very big. I’m not sure how market markers will play near expiration days (roughly two weeks away). For premium sellers, they would love to let Mar 30C expire worthless and they can sell Apr 30 C and 35 C again.
SOHU closed above the 20SMA in average volume. It looks good to break the resistence at 30.
I will watch it closely this week and plan to close half of the position if it crosses 30 intraday to book some profits in case it pulls back below 30.
The current open interest in Mar 30C is 7,839, which is not very big. I’m not sure how market markers will play near expiration days (roughly two weeks away). For premium sellers, they would love to let Mar 30C expire worthless and they can sell Apr 30 C and 35 C again.
After the Wednesday’s impressive gains, we gave it back some on Thursday. SUNW reached 5.93 intraday. It needs to break 6 resistence. Both LFC and CHN retraced to 20MA support/resistence. Judging from lower volume, they were doing fine.
SUNW: +0.01; LFC: +0.39; CHN: +2.46; SOHU Mar 30 C: -0.25.