AMD – Good example of a nice longer term hold / trade.. You could have bought into this early or at least back in June / July on 2nd or 3rd breakouts… You can see how it rests / consolidate after every new breakout.
I think we may have an opportunity for a pullback in X to the 11.80’s. I played some Puts and still hold 1/2 the position from Friday.
The below chart shows shows the McClellan Oscillator for the Nasdaq over the past 16 years. We are now hitting an overbought value of 82.43, one of the highest levels within this 16 year period.
I added a few more QQQ Put options (both weeklies and monthlies) speculating we start to move lower.
The SPY is hitting into resistance here:
Looking at the NYSE and Nasdaq Mclellan Oscilators, they are now at over-bought areas, indicating its time for a pull back. Take a look at the chart here: