Option's Expiration Skews Analysis

Any analysis we can offer in addition to what was provided yesterday will be tainted with the fact that options expire today. QQQQ contract writers are very likely going to get the price down to $41, the number representing maximum pain. Technically such a move is meaningless. It means that the price will remain in the trading range it has been in for the better part of the past six weeks. $40.50 still represents the bottom and $42 represents the top so unless one of these prices are breached we remain in a range and must think about the market in ranging terms, not trending terms.