You may want to re-read the pre-market comments because as it turned out, our thoughts about what the market might (not) do ended up being correct. The bottom line is again, all the news has been priced in and the market is WAY stretched to the long side. There just aren’t going to be any institutional buyers to fuel it ahead of quad witching tomorrow. Again, despite positive signs of low rates and lack of inflation pressures there is no real response in either equities or bonds. We waited until well after 10AM EST and still no real test of any key levels so we gave up and today there was no real trade. I did scalp the little run up above 63 and shorted 62.50, but the order flow was funny and price was already back in the overnight trading cluster so I had no idea where it might bounce. When the flow started to look like it might take another run up so I bailed out with just a tick of profit. With no directional conviction and less than 300k in volume I had no interest in putting on or managing a postion after the first half hour. Done for the day unless I happen to see something milling around my office. I have alerts set at the highs and lows and I’ll see what volume looks like if and when we hit them.
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