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A Morning Quickie

By

Gee, I sure hope the litter critters are ok!?!

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  • I'm gonna be away from my turret from about 8am-9am as I have to make an unexpected (but very necessary) visit to the Vet. Apologies--and trust me, I wish I didn't have to do it.

  • I'm being told that a large part of yesterday's jig--aside from the short-term indicators we addressed--was a massive NDX buy program (expiration). I am unsure if it was a "one and done" order.

  • S&P 1125 remains the level du jour and, as it stands, the recent action is a textbook 'churn' under support. S&P 1100 and NDX 1395 remains support.

  • No follow through in Europe as I'm being told that supply awaited all tries. There was chatter yesterday, so you know, of a surprise ECB rate cut (on the heels of the Madrid attacks).

  • The Buzz & Banter is now scrolling top to bottom, as per the Minyan preference.

  • The dollar index down almost 40 bps. The culprit on the greenback slack is the Yen, which is 1.5% higher (vs. our currency) after the Japanese finance minister suggested (for a third day) that he may scale back currency sales.

  • VXO 18 is a volatility support (and market price cap?)

  • March Madness!!!!

  • The piggy banks just don't give it up--and until they do, Boo is gonna have a tough go of it.

  • U.S equity mutual fund cash levels are down to just 4.1% (lowest level since March 2000). Since April last year, this has come down from 5.0% to 4.2% while, at the same time, NYSE short interest data has come down from 2 std deviations above the trend (record) to 2 std deviations below the trend (record).

  • Casper the PPI will be released at 8:30am (exp. .4%, ex food/energy .1%). There is a LOT of gaming of this number--as it's been AWOL--with most folks expecting a sharp rise. Anything less than "scary" would likely be viewed as a relative positive. We'll also get initial jobless claims (345k), continuing claims (3018k), leading indicators at 10am (.1%) and the Philly Cheese steak at noon (29).

  • The brokerage stocks are dicey to game on the "zest" of their earnings release. Always have been.

  • Just as overbought can become more overbought, oversold can get more oversold. In fact, the nastiest sell-side legs typically occur in oversold tapes.

  • I'll be back in the saddle in about an hour or so. Good luck, Minyans, and play smart.



    R.P.
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