Good morning traders, US Market Update So here is what happened...

Good morning traders,

US Market Update

So here is what happened today from my perspective. Larry the new Economic Council advisor got into the door during a desperate moment and said something like this: look, I know what you want - I know what your departed advisors and their populist plans entail, but you need the stock market to keep from going below those Feb lows. If you trust me, we can have our cake and eat it too. But you have to trust me.

Or something like that.

The pin was shaping up around SPX 2630 and if the market can get above 2640 then there is little in the way of call resistance. That will probably change going into Friday.

The VIX is caving in a bit here as the call skew is trembling with excitement. Degenerate gamblers.


SPX/ES/SPY: 2637/2637/263.21
ES is spiking well over the balance area now - as it has done many times lately. For some reason I think this takes hold here. SPX 2650 is now probably in play. A headline could dash it all but as long as we call this for what its - wanton debauchery - then I suppose its not a crime to ride it. But you'll need to shower afterwards.
Market Internals
Advance-Decline Lines: +940. NYSE Breadth: +2.6:1, NASDAQ Breadth: +2.48:1. NYSE TICK: Cumulative TICK is ramping higher here. TRIN: .75

NYSE MOC: +610M to buy at this note.

Implied Volatility
VXJ8:20.20, VXK8:19.45, VIX:20.26

Debt/Bond/Treasury
ZNM8 -.04%, and the 10 Year Treasury yield is now 2.79%

S&P Futures Now