Weekly Range:
- Open 123.09
- High 131.64
- Low 120.51
- Close 131.62
- Point Change 6.47
- % Change from last week close +5.17%
Last week MNX made a decisive move above its 100dma, gapping up above the 125 level and remains 26% higher than its March 9th lows. I believe that after a run of that magnitude in 3 weeks, the MNX is due for a pullback, potentially to the 115 level. Earnings season begins next week and it is expected to be bad, further clarifying the need for a general market pullback. The VXN still remains range bound in the lower 40's and hasn't helped to pump up option premiums. With 38 days until May expiry, I am looking to sell the May 90 puts for .25. Although the puts now go for slightly less than .25, the pullback that I expect to happen should get my order filled nicely. The April 91 puts I am short remain 30% otm and with only 10 trading days left in their life, they should expire otm as expected.
