So the initial target of 11500 on Dow has been achieved and we have a close below 11500 as well. Some short-covering is due now but in all likelihood this won't exceed 11625 levels; to the extent 11625 is not taken out on the upside, safe to assume that the next leg downwards will resume with next destination as 11250 from where the next round of short-covering will start.
SnP fans with some extra margin can go ahead and short SnP at current levels via Jan futures and buy a 1200 Jan Call to hedge the same 1:1; target for SnP is 1130 [it will take a long time hence suggesting Jan contract for the same - could take time upto March also]
SnP fans with some extra margin can go ahead and short SnP at current levels via Jan futures and buy a 1200 Jan Call to hedge the same 1:1; target for SnP is 1130 [it will take a long time hence suggesting Jan contract for the same - could take time upto March also]
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