May Options Expiration...

1:30 pm ET - The SPX and markets have been behaving in the recently typical expiration day fashion...trading range...after an early roller coaster and a brief breakout to the upside the SPX fell right back into its trading range and fell to the low end of that range...the SPX range so far today is 14.52 points a fairly tight range...the VIX which was negative earlier is now a positive +1.47 which of course is bearish for the day and confirming the current SPX at -10. Key tech stocks GOOG, BIDU, AAPL, RIMM and QCOM are still positve for the day but have pulled back from their morning highs...AMZN which was positive is now down for the day... 11:05 am ET - the SPX breakout does not hold and prices pull back into its early morning trading range... 10:40 am ET - During the first hour of trading we saw the SPX open essentially flat move up 5 points...fall 5 points...move up 5 points...fall 5 points and now over the past 25 minutes it has risen about 7 points and breaking the early morning high of 895.78. So far we are seeing the recently typical expiration day back and forth action...if the 895 breakout holds it would measure a 7 point rise to the 902 area...The VIX is -0.65 at this time which is bullish...ranging is certainly the theme so far this morning... BMO - ES -1 and NQ -2 are lower in pre-market tradig pointing to a flat open. Remember its options expiration...recent expiration Friday's have been more ranging in nature as opposed to strong trending days... Look at these charts and their potential support bounces... (click image to enlarge) At the Open on Friday SPY –bullish harami KOL – white spinning top FAS – piercing line STT – bullish engulfing ZION – bullish harami in bull flag EBAY – large white candle stays above gap support at 200 DMA ADBE – large white candle bullish harami WYNN - hammer SCHN – white spinning top SNDA – hammer/bullish harami JNPR – white candle in bull flag above gap support CTV – large white candle closes at high of low day BBT – hammer breaks high of low day OSG – bullish harami in bull flag EL – doji ICE – white spinning top WHR – bullish harami