Weekly Market Reivew N225

N225 closed at 16,321.17 on Friday, 19-Sep-2014, gained 372.88 (2.34%) over the last 4 trading days. NKVI gained 0.34 (1.93%) ending the week at 16.69.

NKVI finally dropped with the rise of N225.  This is usual.  

Last week, I mentioned that N225 may bash through 16,000 and challenge the previous high at 16,320.22.  Not only, it closed above it.  It reached a high of 16,364.08, highest since 2008.  While the Friday bar is very bullish, it is also way above Bollinger Band.  Will it take a breather to retrace before going up?

Both the weekly and monthly chart continue to look bullish.  The weekly chart, like the daily chart, seems a bit over extended on the Bollinger Band.  Will we get a retracement?

November Position : Call Spread 17250/17500, 17375/17625
November 17250/17500 position is currently at a paper loss of about 11 points (JPY 11,000, before commission).  N225 is about 928 points away from the Short Call.  Delta is at 0.1534.  DTE is 54 days.  This position does not looks good.  Need to monitor closely on the Delta movement.

November 17375/17625 position is currently at a paper loss of about 3 points (JPY 3,000, before commission).  N225 is about 1053 points away from the Short Call.  Delta is at 0.1261.  DTE is 54 days.  This position looks ok.  No action needed. 

Trading Calendar
Monday Sep-23: OSE will be closed for trading