When you see me sportin' my bikini, Toddo, you won't be lactose intolerant for long!
Money, it's a crime
Share it fairly but don't take a slice of my pie
Money, so they say
Is the root of all evil today
The White House rode in on its white horse and said they supported a strong dollar policy and, from the looks of the price action, they caught the currency traders flatfooted. For those of you with intraday charting capabilities, pull up a dollar/yen chart and take a look at that spike. Man, you think Ari Fleischer woke up some players? Ya think?
The equity market perked up a bit on the news but, by and large, it remains drifty and lethargic. The first attempt at our triple-lindy resistance zone was met with supply but, from what I can tell, traders are still making the upside bet. Case in point? An institutional gorilla has accumulated over 70,000 QQQ December 26 calls this morning. Now that's a schnitzel!
In addition to this "punt" to the upside, I've also seen multiple seven figures SMH (semiconductor holders) and QQQ being bought. Now, there's two ways to perceive this flow and, as always, beauty is in the eye of the beholder. Typically, when I see pervasive flow "one way" by the institutions, I view it as bullish (the big boys are buying). When I see hedge funds playing hot potato and trying to squeeze their friends, however, I am a bit more suspect-particularly with year end looming and expectations high. Just thinking out loud as I walk the path along side you.
The internals have been slipping a bit but there's still a lot of trading left in the day. My eyes are shifting between the macro influences, the retailers, the semis, the financials and the levels above-and I wonder why I'm so nutty! I really am beginning to feel like Geoffrey Rush in Shine! Speaking of movies, I took a break last night and saw the Spike Lee premiere of 25 hours and I'll tell ya, it was alright. Hey, anytime you can watch Tony Siragusa talk with a Russian accent, that's worth the price of admission right there!
I know I'm going to miss my critters (and the readers) when I take my two week respite but I'm making a concerted effort to practice what I preach. There's something about this business and something about New York City-if you're not careful, you'll wake up in 10 years and wonder where the time went. I remember a moment last September when a good friend from Cantor Fitz cajoled me because I was too busy to grab a beer with him...and I laughed it off as a matter of course. A week later, he was gone-and I've thought about the finality of that decision ever since. You never know what tomorrow brings, my friends, so live for today and enjoy the good things when you can.
Hope this finds you well.
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