Looks like we'll get another shot at the highs. Futures look like they're on the way to a date with destiny at 1352.25, the overnight high from Thursday. I did not think the pattern was complete and that it needed another down-up subdivision. The market seems to agree so far.
OEX puts will not be priced right this early in the week. I'll be using SPY puts to accumulate a spec short position, and will trade against them with the e-mini, SSO, and UPRO, depending on which account I'm using.
The cost of the Greek bailout is now roughly $425 billion. I do not think the ECB can afford Spain, Portugal, Ireland, and Italy with a current burn rate projecting to $2.1+ trillion. So the fact that the futures are up because of the latest Greek bailout deal is meaningless.
What? No Grammy commentary? Still, I like your take on things. Sane and reasonable, in contrast to futures. I still need to wrap my head around the New Valuations. k
ReplyDeleteVery kind comments, K. Nice of you to say. Sorry for Grammy letdown ;) (((confess i didn't even watch 'em)))
ReplyDeleteuh-oh, i did it again! can you please delete.. it was the wine, really.
ReplyDeleteGot it. Done. Sorry it took so long. Sounds like a swell vacay you had. Very nice!
ReplyDelete