In terms of volatility, remember they tend to take three days of premium out of options in front of the long weekend.
I've been dabbling in some SPY puts but I've flattened those as I wanna focus on the important stuff into said weekend.
The real action will start next week with a special post-Labor Day Turnaround Tuesday to start the year-end stretch.
Perfomance anxiety? Yep; with the NASDAQ up 9% and the S&P 500 (SPX) up 8%, fund managers are fighting to keep up with the Dow Joneses.
The bulls will point to every reason in the world (literally) to sell off and the reaction to the news being more important than the news itself.
The bears will point to red-lining complacency at all-time highs. Again.
The financials thus far hold above the first of the four support levels we highlighted yesterday.
I know it was pre-season but Derek Carr through more touchdowns than incompletions last night against the defending world champion Seahawks. Can't remember the last time a Raider QB did that.
Cyber warfare used to be highlighted as one of our "big picture" concerns; it still is.
Market breadth is skewed negative, albeit marginally.
It'll be a lot thinner on the close then it was on the opening, and that's saying something. Size your risk for a thinner tape to avoid any unwanted surprises into your three-day respite.
As always, I hope this finds you well.
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Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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