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The Flurry Hurry

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I'll always keep ya honest!

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The opening flurry has Hoofy and Boo glaring each other down. But thus far, neither critter has emerged with a clear edge. The bulls will point to the constructive breadth and the underlying bid (particularly to tech). The bears, meanwhile, are chatting up the relative lethargy in the financials and the macro tells (marginally unfriendly).

With April index paper "coming off" this morning, attention will now turn to individual equities which are set to expire on the close. We've spoken about pin risk (Microsoft (MSFT:Nasdaq) 25, etc.) and that'll color the price action throughout the day. Keep in mind also, please, that the Philly Fed is coming out at noon and, after that abysmal Empire Manufacturing number the other day, expectations have been ratcheted down.

The N's over S's theme still seems to be in motion and I've still got the QQQ gamma trade on vs. a smattering of cheap puts. As discussed, I want to "trade around" this paper because I feel it's cheap and offers a nice risk reward. Understand, please, that I'm not recommending this for you -- options are very risky -- I'm simply sharing my process with an educational intent.

The opening felt a bit "pressy" and that condition is being alleviated now. Watch the dollar for signs of slippage OR traction, respect the breadth in the S&P (2:1 positive) and think positive -- it's gonna be a good day.

Fare ye well
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