Tuesday, September 17, 2002
Monday night, Triple Witching Week
Soooooo, futures ramped enthusiastically on the "Iraq news", which may result in a gap open. This is a bit troubling technically only in that the task for this week's "Triple Witching" does not change, namely, to expire the most open options worthless, still meaning at some point a sell of "a high" is in order.
Nothing new about that, a lot of volatility, churning, and no appreciable progress. By way of example, noticed today that price closed right near the Sept 3, 2002 gap down area. All the strum and drang of the past few weeks and basically no action. It may be that the end of the week is yet another net no-move close.
From a sentiment point of view, Iraq's reported "no conditions inspection" relieves only one aspect of uncertainty, uncertainty that will be quickly reinstated as the haggling over the "no conditions" conditions, and more importantly, the timeline, begins, resurrecting the wall of worry.
Labels: market-calls-dated
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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