evening wrap

market vibes - march 26

“Never sell a quiet market short, be short.” Floor trader’s adage

A very sleepy Tuesday overnight session promised a sleepy day in NY this morning, but that was not to be. Wednesday was Monday upside down with a little more volume. Aggressive selling in the Mags blunted a good start in NDX and S&Ps, but sellers overwhelmed early buyers, and stocks went straight down all day. The Dow held for 30 minutes, even rallied 150 as NDX fell 150, but by 10 AM, the Dow crumbled, too.

Technically, all development since Friday's expiration is conflicting. Volumes have been meager, open interest actually went down on Monday's rally, and prices have been completely dominated by twaps, either one or many; all lopsided imbalances scrambling for liquidity… only the desks managing them know the score.

I did a lot of orders in my years in the pits, some big ones. If I ever gave my clients fills like this, I would have spent my career working in a Burger King. In my opinion.

Next up this evening a recap of DOEs in Oil and a look at gasoline, I’m still a bear. An ominous reversal in copper, bonds may disappoint (me) and the dollar is threatening the void… here we go.