Robbers & Stealers is June 7-8 in London, which makes me think that the intraday action won't be the same as if it were here.
I think anything in London would be done by the time NYC opens for trading, so it seems that any toutfest-inspired move in the tech stocks (whether via noisy publicity or quiet insider trading) would be more or less of a step function in the first half-hour or so. No reason for it to cause any late-day foolishness. (We always have the usual reasons, of course).
Also, Bear Stearns is running one June 14-17 in NYC. Coincidentally, be on the lookout late next week for the week-before-expiration swoon, which would coincide perfectly with the pre-toutfest dump.
As for tomorrow, IMO an option player could hardly go wrong being short some options by the end of the day. We'll be two weeks away from expiration, and the premium burn over the weekend means that even a point or two the wrong way on Monday won't hurt too much. For the bears, I think there's no upside spin possible on the Rivlin resignation, which shapes up very nicely to be the excuse du jour in the event of a dumperoo.
The jobs report can be spun so many ways that even knowing the numbers isn't any help in predicting (or even explaining, after the fact) market action. Crap shoot. |
