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High on the Hog

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Have a peaceful night!

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Big wheels keep on turning
Carry me home to see my kin
Singing songs about the Southland
I miss Alabamy once again, I think it's a sin


(Lynyrd Skynyrd)


No sooner did I post my last column than a buyer of S&P calls walked in and jacked an already anxious market higher. The order, which created more than 1,000 futures to buy, was all the Minx needed to spook traders into the vuja de play. An ticket like that, in and of itself, won't move markets but when juxtaposed against minty breadth and foxy financials, it's enough to turn the trick.

We've seen this movie before, both in the short term and in the long term, and the sellers have "gotten out of the way" for the most part. The bulls have now targeted Friday's high print (S&P 1010ish and NDX 1260ish) as the next level of technical importance. If they can push through there, the alternate scenario (S&P 1040) is possible.

For my part, I've been renting some exposure intraday (and with stops) against a smattering of puts. While I don't necessarily "believe" the upside, I respect the elements we've discussed. As the tape rallies, I am rolling up those stops and, in all likelihood, I'll punt most of them into the close. It is, after all, preannouncement period and despite the collective shrug, we must respect that as well.

I'm gonna hop and chop so let me take this time to wish you all a good night. Again, prayers to those suffering in the Middle East as the terrorist activity seems to be starting up anew. There's a lot of angst in this market but it pales in comparison to what's going on over there. Keep your perspective as we eyeball the bell and fare ye well into the close.

Have a peaceful night.
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