- Bears must be feeling snake-bit this week. The market started off strong this morning, but as we pass 11am PDT, looks like something has caused an about face. It is options week, but it's been so strong that I wouldn't be surprised if bulls cash in ahead of the weekend. As you know, fridays tend to move opposite the weekly trend and this week there has definitely been a positive bias to the market. But there are probably plenty of folks caught leaning the wrong way and who may be looking to buy the dips. Stay tuned!
- Couldn't they have been a little more creative with the title? "It's a movie about snakes on a plane. What should we call it?" "How about 'Snakes on a Plane?'" I can already see the line of sequels. "Snakes on a Bus." "Snakes on a Train." "Snakes in a Building." The possibilities and story lines are endless. A bunch of folks get attacked by snakes, chaos ensues, and only one or so survive. When they did "Snakes in the Jungle," at least they called it "Anaconda." (And had JLo in it. Just saying).
- Mark Hulbert has a column up on the meaning of the record high put-call ratio. As I've mentioned previously, I've seen the rise in the moving average of the put-call ratio as the summer trading range meandered along. Quite normal for folks to get more bearish as they believe stocks are "going nowhere." I don't think any one indicator can be used in isolation. But I think it's important to keep an eye on sentiment. I also like to see columns that say "It doesn't matter. Nothing to see here."
- Lunch time!
