JH, Didn't mean to make anyone nervous. <gg>
Simply put, the Phleet had a fantastic day; up a solid 2.5%. You don't get many days like that and I'm not about to give any of it back (at least not today). There are some clearly defined resistance points in this area - Cubes about $43, SnP about 1200, OEX about 621-624, etc.
As I watched it just looked like a massive short covering rally. Further, I didn't see the justification on the basis of the FA news. It just seemed that when the shorts and late buyers got finished, everything just stood still. Now, the day is young and all may change, but I put the fish in the box! OTOH as TM noted to me, it may very well turn into a great island reversal.
As to the MDY puts, I haven't followed it enough to give an opinion. Plus with options, I always have a hard time dealing with whether its a real bet or just an insurance play.
Just a View from the Swamp
TB |
