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The Rolling Tide

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The first move higher was followed by a strong wave of selling and the market is once again trying to regain its footing. Again, it's super-thin out there and the market is trading reactive-so keep your flippers on if you're swimming in these choppy waters. Remember to keep an eye on S&P 895, if and when, as that's the level that "has" to hold. The action in the banks is concerning, but we must balance that against the internals (still positive). Whippy and trippy, man!

My initial reaction, and this shouldn't come as a shock, is "What does Elmer see?" Perhaps that's just my "big picture" backdrop clouding my short-term trading view but, as my mother used to say, if it's on the lung it's on the tongue-or, in this case, the screen. Does this mean we're going to war? Does this mean there are unforeseen credit potholes? Does this mean that the Fed is there for us (again)? Don't try to figure out the rest of the year in the next 15 minutes...that's too much for anybody to digest. Further, if you find yourself getting bullish on upticks and bearish on downticks, take a step back and take a breath.

The flow has been frenetic but seems to be slowing somewhat and our coverage is telling us their seeing the gorillas (institutions) making sales, albeit gingerly. The critters, so you know, faded the initial spike and picked a little into the melt, but it was relatively small potatoes. I continue to scour the markets for December downside puts and will look to build those positions into strength. Gotta hop.

Hope this finds you well.
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