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Sticky Buns


My choice of costume is no coincidence!


There has to be an invisible sun
It gives its heat to everyone
There has to be an invisible sun
That gives us hope when the whole day's done


The afternoon screens all try to tint green as the bulls suck it up and drink their caffeine. After getting knocked off its opening crest, the downside supply took some time to digest. Now, as the pressers get squeezed from their short side unease, Hoofy is once again aiming to please. He must be lookin' to get broomsticked tonight!

As it stands, we're still smack dab in the middle of the resistance zone. Still, the underlying bid to the tape (thus far) is impressive and somewhat aggressive. The semis don't quit (my rolled down stops were elected) and while they're surely extended, they've yet to show signs of fatigue. Also, the macro tells have reverted as gold is getting sold and the dollar is getting some green back.

It's a dicey call here. The eyes are tellin ya that the path of least resistance is higher while, at the same time, we're bumping up against some pretty formidable resistance. We spoke briefly of the potential bear trap this morning but, as we tickle higher, the obvious question becomes: is this now a bull trap? I don't have the answers, my friends, but we know that everyone's watching on this one. If they can close flat to down, a psychological sea change may occur. If they can poke through these resistance areas, Boo's brethren will emit a high pitched squeal.

Rather than coss toins and make blind bets, I'm happy to collect cheap premium and stay quite tight on the tertiary exposure. Could the Minx squirt through resistance? Yeah, she can do whatever the heck she wants! Do I think she does? I'm willing to let her prove herself on this one. The conditional elements that are in place (and, to be fair, that have been in place) bode better for Boo. If these levels are taken out on the upside, however, Hoofy will steak his claim to newfound fame.

The flow has quieted down some although a pretty meaty QQQ put spread just traded. A customer bought 90,000 January 33 puts and sold 90,000 January 30 puts. That creates a bean and a half QQQ for sale (1.5 million) as the dealer gets hedged. Odd lot!

That's about it from my perch as another day slowly drifts away. Fokker and I are having a mini-Minyanfest tonight with Snoop and Brian before doubling down for a dinner with Succo and grandpa Neil. If friendship is soul food then I, for one, am looking forward to the nourishment. I can pretty much guarantee that when the final bell rings in the sky, the only trades that will matter are ones of the heart. Wasabi!

Good luck into the close.

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