It this market being proped up?

Would you care to wager on that?

 

The economy grew at 4.5% last quarter, and 3% this quarter. Markets are driven by earnings and as far as anyone can see, the economy is robust. Think about it, if it weren't, Greenspan would not be as hawkish as he is on inflation.

All that said, I was [synthetically] short spooz yesterday into today because the markets do not like unknowns and Katrina's math will take days to tally. That, plus the fact we are going into Sep/Oct which means more hurricanes and more worries about them slamming into the gulf.

I have adjusted my options position late in the day slightly to account for possible EOM buying, but ultimately my positions are structured to see an 1188 ES.

And BTW, by classical DOW theory, this market is not in an uptrend but in a downtrend on the daily.

nitro

 

All the rebuilding in New Orleans is economic activity that wouldn't have happened otherwise. Could be quite significant.

 

All this analyzing and $1.75 will get you a one way ride on the EL train. That's about it.

 

Sure, but I am stocked-up on bubble gum.

 

The EL is $1.75 now?!

 

Curious as what was the logic behind trading the short call//long put over simply shorting spoos.

 

Oh, your such a North Shore dilettante that I bet you haven't been on nothing except the Purple Line.

 

It's PURPLE now?!!! omg, how GHEY! 4th and Linden, Baby

 

Tomorrow's Monthly Close above 1193 SPX keeps the long term Bull intact. This is where the 10 month moving average of closes comes thru, rising at 6 tenths of a percent per month.