Aksier i think this is one of the most obvious examples of the big boys playing games with options expiry. I agree fed ex announcement, unemployment trending back upwards and philly report signs look very ominous for dibble dip.
There was just huge put buying in recent weeks, so those sellers of those puts have a huge interest in keeping this market up - that is until tonight when they expire.
With financial services reform coming to the fore next week, could be a very interesting week.
With lending growth (M3money supply) contracting at levels not seen since the great depression (financial services reform will only strengthen this trend), governments now cutting spending (with no real capacity to spend further) and the Chinese govt looking to slow their economy i dont see how this can get anything but ugly.
Whether the market recognises it now, or waits until aug/sep i am not sure - i suppose aug/sep is probably more likely looking at history. I just think it is staring the market in the face where we are going (just as is was in 07), but this time around it is only 18 months since the last round of pain - people obviously have remarkably short memories
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| XJO (ASX) Chart |