The Bias is bearish and it seems it doesn't come to early like in the last 2 OPEXs where the 'playas' then got a chance to squeeze it. Let's see...
The intermediate Picture looks bearish too given where equity options (measured by the 10d Call/Put ratio) decided to flip (rather than going back up all the way which seemed possible). Now from a little distance we can also assess the degree of exuberance we've had in April which hints at the notion that we've seen a medium term HIGH.
Our 2 VIX_OSC Indicators have been proven as some of the more reliable Indicators. (Trading against them is a fairly high risk endeavor!!). Both tend to lead the Market, both warned us of exuberance the last 2 weeks. Given that they decided to congest rather then spiking it was a fair bet that we would not have to wait for a neg. Div to resolve the extreme. And So it happend!!
Heading now into the OPEX is looks like we could see some further downdraft next week which aligns with the interpretation of the other Sentiment graphs as well.
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