As I said before, one parameter is not sufficient, and I doubt today's EPC is meaningful enough, if indeed there were 360,000 put contracts (to expire om 5/21 and more than 90% of the open interest) at $34 and 100,000 at $35, these could be Mosis, and more often than not, these contracts will expire worthless, we could go all the way to just under $37 on the QQQ (about 2060 on the Naz, rough guess) if max pain were to be inflicted. Maybe a shot above to kill more of the $38 puts and then a retreat into the 21st to kill some extra calls.... I am still bullish and though I reduced exposure today (up to 16% cash, not due to stops, but some very fortunate gains in GIVN where I came in with a double position that paid a nice hand, and reduction in exposure to gold and few others), I am going to keep that exposure around there (and of course reestablish golds taken off at better prices if I can). During the day, I expect to launch a lunch tactic so I may very well be back to the 5% or lower then.
