Unless we get a quick QE3 announcement, the SPYDER and the Q's are in position to correct. The Correction could be of cyclical nature (but does not have to be):
MOMO and Flows are negative, plain and simple.
...but whether the correction starts now or whether we will see another re-test of the high (see cycles chart in top right) is unclear.
Option pictures are muddy right after the OPEX, given the amount of active market making we have experinced in the last week.
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