Hi OT,
Have got into a habit of looking up the option chain for feel of the trend.
Do you agree with the following:
On the CE side, only 6000 has OI > 70 L, above it the conviction is weak. Meaning if 6000 breaks then it is strong bull on the upside.
But on the PE side, 5800, 5700, 5600, 5500 all have OI > 70L . Writers have conviction at these supports. So, breaking them won't be a one shot thing. Some major international news will be required.
The question then is: Is the Cyprus "legal scam" a news big enough? Some call it as big as Lehman as public has run to the bank to withdraw as the fear that the banks have gone broke.