We attempted some cautious bottom-fishing Friday on-the-cheap at a promising Hidden Pivot support, only to see it obliterated by yet another day of asphyxiating tedium. For our immediate purposes, we’ll stick with the more important Hidden Pivot at 35.48 shown. It will take about 2-3 weeks to be reached if the broad averages continue to trend steadily higher, although I have my doubts that such a sustained move is in the offing. More likely, in my estimation, would be a spike caused by a fleeting stock-market selloff, followed by a precipitous collapse in VXX to the target shown. In any event, we won’t try bottom-fishing again until such time as this very compelling target (i.e., 35.48) is reached. For tracking purpose, based on chat-room reports, I’ll assume four Oct 6 calls held for an average 0.50. If you did better or worse, please let me know in the chat room. For now, the options are keepers, come what may.______ UPDATE (Oct 4, 6:47 p.m.): Barring a miracle, the calls are about to go out worthless for a $200 loss. We’ll stay focused for now on the next possible bottom-fishing opportunity: 35.48.
