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Pressure Cooker


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

(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" 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.


No positions in stocks mentioned

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Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at

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