optionflow

$SPY $VIX $UVXY #ES_F - $QQQ Distribution

NASDAQ:QQQ   POWERSHARES QQQ TRUST
34 0 1
Increased volume and trading range are bearish characteristics. Distribution is present and option flow points to volatility and a move down. Huge put premium in all indices targeting Oct             21. Large VIX             OTM buys as well with DP's short covering at the bottom of the range and selling into the rise.

We had a buying climax (Wick didn't appear in this software). TOS catches an upper wick to 118.78 with Macd & RSI peaking, which indicates BCLX.

CCI and RSI have room up, but WilliamsR signaling sell. WIlliamsR can stay in the sell range for a while.

My bias is up to a new high, sucking in more retail investors, then sell off. A quick short at UTAD ( ~ $120) will pay nicely. I would then sell the $121 calls or a collar to capture premium during the chop into LPSY.

As always, the data changes, so stay flexible.

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