Posted by: jhamon | August 18, 2009

MysteryHedgie: Market’s Listening For Big Ben

Order flow observation…when stocks completed their opening gap yesterday, flow was dominated by put selling and offers to sell options versus stock, on very light volumes generally, and dominated by EM names and commodity stocks.  The same pattern is seen this morning as those who held options/protection throughout July’s advance are quick to take profit.  A break of yesterday’s lows in SPX (978.51) accompanied by US$ strength (Euro below 1.40 and $A below .8125) opens up SPX 950 directly (see attached); the market anxiously awaits Bernanke’s soothing words from “green-shoot” filled Jackson Hole on Friday, hoping he’ll give the “all clear” for market players to take the beach vacation, leaving the bigger issues to be adressed in September.

Does Continued Rally Depend On Big Ben?

Does Continued Rally Depend On Big Ben?

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