The collision of global markets and social mood

Tuesday, April 26, 2016

Tuesday -- Smart Money Net Sellers

S&P E-mini Futures:
Whippy follow through higher from yesterday afternoon's rally.

Asia was mixed, but Europe is well up.

Found a great bit of information -- not opinion -- on Zero Hedge this morning regarding Bank Of America and the latest trading activity of its smart money clients:

"BofA reported overnight that BofAML [smart money] clients were net sellers of US stocks for the thirteenth consecutive week last week—making it the longest uninterrupted selling streak in our data history (since 2008) as clients continued to doubt the market rally."

Such sales were from hedge funds, private clients and institutional clients. The first thought is what would occur if there is a breakout above the 2134.72 all-time high. Would there suddenly be an epic chase rally, or would there be an epic serving of Turtle Soup.

Much the same as yesterday, JPY & CHF stronger. USD a bit weaker again.

Blew another chance for a bounce yesterday. Not looking much better today thus far.

WTI crude extending gains, NG extending losses.

Gold and silver recently turned positive, but platinum, palladium, and copper remain down currently.

S&P Outlook:
Decided against SSO yesterday, but picked up some SPY 208 calls. Today I want to dump them at the open and look to buy SPY puts if the market can get higher and internals weaken, possibly around 2100.

Would rather have some puts to hedge against with SSO if the market continues higher as I think there could be some lower prices first.

Markets could get sleepy waiting for the Fed tomorrow at 2pm.

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