Wednesday after the bell earnings releases will be far more interesting with numbers due from names like Research in Motion (RIMM), Bed Bath and Beyond (BBBY), Genentech (DNA) and SAIC (SAI). The pile in continued today into the RIMM calls all the way up to the April 165s on a stock that's at $148.
It's always interesting how the 'switch' goes on and suddenly folks want in on a given stock or option. Today a few big trades went off in the first half hour of trading in the April 35 and 37-1/2 Washington Mutual (WM) puts and bang - a real pile in ensued. I fondly recall an incident back in the early 1970's when Interstate 80 was not yet completed in western New Jersey and the many detours that had to be taken. One time the detour signage was missing and my father made a turn up some mountain road and literally 3/4's of a mile of traffic followed him up. You should have seen the look of angst on the guy behind us as my father made a u-turn to go back down! LOL! Many folks followed the large put buyer today, though I doubt any u-turns will be made; it will be fascinating to see exactly what transpires with WM's earnings by next Tuesday.
Is it possible that this could happen? Wow: Bill could hold MBS investors liable for deceptive loans
There's definitely a need to keep a close eye on trade relations between Washington and China.
China expresses regret, dissatisfaction over U.S. complaints at WTO. What, I ask you, could be better than a scenario of collapsing capital expeditures, weakening manufacturing, imploding real estate AND for fun - a developing trade war with China to further punch the dollar down and cause an even greater delimma for policy makers at the Fed and the U.S. Treasury? The dollar index is finding amazing support at present levels.
Will the market be in for a 'crude' awakening tomorrow? 10:30 ET Wednesday the latest on energy inventories. See link for expected inventory data: OIL FUTURES: Crude Rises For 1st Session In 5; Products Rally.
Is the Nasdaq about to find some Phladelphia Freedom? Report: Nasdaq in talks to buy PHLX.
As the great Ron Lundy used to say on 77 WABC,"Now, that's a good song".