General Market Update

This is still a VERY strange market, it almost looks like an extreme case of rotation in a healthy bull market, for instance the IWM which tends to lead risk on moves, at least healthy ones, continues to improve.

The QQQ is ambiguous at best.

If I were to view the SPY alone, I'd probably still have Puts open, it doesn't show much of anything positive like the IWM, which I will remind you is still just in the intraday stages of positive signals, but they are building.

The DIA, the one I expect the least from, looks just about the same as the IWM and on certain charts even a bit better.

This is the craziness I'm trying to navigate and none of the arbitrage assets that usually are so good at confirming one way or the other, are pretty dislocated from each other, if they are not correlated between themselves as they normally are, they serve little purpose for our needs of confirmation, instead they cause a more complicated situation in which I'm trying to understand what is F_O_M_C related, what is a reach for protection, what is hedging longs and what is moving out of risk altogether.

I'm still working it, but today is a real job and a half.

I will remind you though that we have seen F_O_M_C tells before, obvious leaks just hours before the release and we have seen earnings leaks like GOOG that developed literally 15 minutes before earnings. Even yesterday the IWM put idea came late in the day and worked as the short term trade it was intended to be so I still have hope, I just need to pay attention to details, again for that reason, emails will be difficult to respond to in a timely fashion.