Weekly Range:
- Open 117.73
- High 122.45
- Low 114.47
- Close 118.72
- Point change +1.87
- % Change from last week close +1.60%
Has the rally ended? The MNX has rallied about 18% from its intraday low on 03-09 and has run smack into its 50 dma, breaching it by a few points, then retreating down to it on Friday. The VXN ran into its 50 dma on Friday and held its ground. With Congress changing the rules again with the bonus tax, its doubtful many will be willing to risk putting their money to work in the market at this point. Also, after its run, the market is ready for a rest. This is good for me as with less than 30 days until April expiry and a falling market, the prices of the otm April puts will increase. I still look to sell the April 85 puts sometime this week.
