A commenter, a few days back, said the he thought I was ignoring a bullish upside down head and shoulders pattern that would eventually enable the market to rocket higher. I just couldn't see it. And now with the passing for more days, it's apparent to me that the right shoulder was a mirage and that we may be dealing with, imho, a bearish pennant formation. Only time will tell and with the compression seen in the chart pattern, that time may be very soon.
The chart above that I threw together with some annotations clearly has the look of trouble, at least to me. Wildcards remain what the Fed does and what the brokers announce this week.
Where Lehman (LEH) is concerned, it appeared that strangle and straddle plays were being made in the September and October puts and calls, while more aggressive directional put speculation, including heavier volumes, were being placed in the January puts, including the Jan50s.