Friday, January 29, 2010

Here We Go Again....

Hello S&P 1085... I've missed you.

EDIT 11:55 AM - another minor bounce off S&P 1085.  I am not the only hand that knows this level is key... so does the invisible one.  But as we wrote yesterday, each time you run into a support or resistance - you weaken it.  Waiting patiently for the free market to overwhelm the hand....

The gap at 1070 is whispering "let it happen Larry (Summers)"

EDIT: Back in our SPY Puts...

Notice how since the White House did its first real attack on the prospects of Goldman Sachs (i.e. the Volcker rule) and threatened to separate the taxpayer backstopped free money from their trading desk, the market has only gone down?  The quid pro quo of "look we won't do any real regulation, just keep the stock market elevated (allegedly) & no one will actually ask how you have a 98% winning percentage"  seems to be gone. 

The cynic in me says this is not un-related. 

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