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Shake that Thang!


Identifying stikes with large open interest (relative to average daily volume) can be a useful tool when trading!


Nothin shakin on Shakedown street
used to be the heart of town
Don't tell me this town ain't got no heart
You just gotta poke around

(Grateful Dead)

Another session slowly creeps towards the closing bell and Slaino just lumbered into my office, plopped down in the seat next to mine and said "Toddo, you've really gotten fat!" No, just kidding...he said "Man, it's slow--there's nothin' going on." I would agree with my sage pal from Bahstan that it's slow--but there IS stuff goin' on--you just gotta poke around.

From 40,000 feet, here's what I'm seeing:

The first thing I notice is the nastola breadth in the market. It's a stark difference from the last few sessions and it's the primary reason I don't expect to see Snapper.

The action in the dollar is also noteworthy as it's been slippy all day and it's quelling sentiment., after it's recent 10% spill, has found it's bid again and while it's not necessarily correlated to a negative tape, it doesn't help equities.

The banks have been heavy all day and, once again, they've failed at our BKX 725 resistance zone.

The S&P futures are bowling for dollars as they search for potential pins (at various strikes). It's causing traders to sell (or buy) reactively.

The NDX broke it's (near-term) uptrend line from Thursday's low.

Tony just asked me where he could find couture Speedos--I thought that was very strange.

So...yes, it is slow but the ever-changing puzzle that is this market will always offer hints--you've just gotta pay attention. Naturally, with Tony's recent mush, I'm going to be looking the wrong way when the ramp job starts but that doesn't mean we can't try. Yes, Tony I'm kidding--but jeez, you KNOW how superstitious I am! No mushin!

A handful of companies are due to report after the close (CMNT, CMOS, GME, SNPS, THQI) and still more (CIEN, DCX, HAL, JCP, LIZ, RSH, TGT) will release their numbers tomorrow morning. In addition, Monsieur Beeks will be dropping off the Producer Price Index (exp. .5%, ex-cookies .1%), Initial jobless claims (exp.385k) and the Trade Balance (exp.-$38.7B), Deutsche Bank has a bus tour with a handful of semis (INTC, KLAC, MXIM, ALTR, HSM, AMD, ISIL) and RBC whistles Dixie in Whistler with NT, ALA, JNPR, NOK, ERICY, EXTR, MOT, CLS and JBL.

It's surely a lot to digest but, remember, if you try to swallow it all at once, you're likely to get stuffed. Identify a time frame, try to establish a thesis and, most importantly, attempt to use prices to your advantage. If you're bullish, you should be psyched when their down. If you're bearish, this latest rally was the best thing since Minyanville tee's. Ya follow? It's easy to say, I know, but these are the things we strive to achieve in trading.

Good luck into the close.

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