PM update (2):
NDX/QQQQ close Friday's gaps and bounce. This could be what the markets were waiting for. Bonds are still negative and oil hits an extreme of 116.35 (50% 2008). Buying oil at 116 is no longer a hedge, it's asking for trouble, especially since EUR/USD is up 2% versus 10% for oil and 4.8% for gold.
Volume is light, everything gets exaggerated. CL (oil) Dec contract is trading at just above half of Friday's volume. We will probably get the usual last half-hour Nymex push (2 to 2:30).
The SPX settlement last week for the Thursday expiration ended at 1279. Lots of pain on Friday for those that left some bear credit spreads open Thursday.
NDX/QQQQ close Friday's gaps and bounce. This could be what the markets were waiting for. Bonds are still negative and oil hits an extreme of 116.35 (50% 2008). Buying oil at 116 is no longer a hedge, it's asking for trouble, especially since EUR/USD is up 2% versus 10% for oil and 4.8% for gold.
Volume is light, everything gets exaggerated. CL (oil) Dec contract is trading at just above half of Friday's volume. We will probably get the usual last half-hour Nymex push (2 to 2:30).
The SPX settlement last week for the Thursday expiration ended at 1279. Lots of pain on Friday for those that left some bear credit spreads open Thursday.
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on Monday, September 22, 2008 at 9/22/2008 01:54:00 PM.
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