Many of you are aware my friend Northy’s OPEX chart, which shows that, almost without exception, options expiration weeks are screamingly bullish for stocks. I was quite torn about this a week ago, because I was loaded to the gills with shorts, and I loved the setups, but the chart he shared basically set “get out and be safe.”
I decided to do neither, and with the week nearly over, it seems that it worked out OK. Perhaps this week was one of those exceptions, and for that I am grateful. In particular, I continue to be totally obsessed with what oil is doing. When I hit the sack last night, crude was up over a full percentage point, and it was appearing worrisome. As it is now, hope is blossoming again: