Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pressure Cooker

By

PrintPRINT
You have to learn to pace yourself
Pressure
You're just like everybody else
Pressure

(Billy Joel)

I hear ya, Billy, it's N-V-TS nuts out there! The ISM (Institute of Supply Management, formerly known as NAPM) "non-manufacturing" index hits the tape at 53.9 vs. expectations of 51.5. That's catching the "pressers" offsides and giving the tape a firmer bid...particularly in the BKX, where the index "held" support the first time around. The semiconductor index (SOX) also "bears" watching, as it's currently trading down 3% as well. In my years of tape watching, I've usually found the BKX/SOX duopoly to be a pretty decent "tell"....so watch them together, please, and stay disciplined.

Meanwhile, back at the ranch, that Rambo put buyer from the other day just turned around and puked out 80,000 QQQ November 21 puts, which is also giving a little nudge to the tape. Remember, when somebody sells puts, the market maker who "takes the other side of the trade" must buy the underlying (QQQ) as a hedge. Saucy!

Long day guys, deep breaths and stay disciplined.

R.P

No positions in stocks mentioned


< Previous
  • 1
Next >
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE