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Morning Comment

Bought 1 @ 50 overnight. Short of 2 units.

The market has had a big rise from the current bottom on hope of stimulus. That probably won’t push it much further and we have the fed meeting next week at which it is most likely they will end QE3 . Expect rallies to fail generally and nerves to keep reappearing.

6345-75. I’ve narrowed the spread this morning, just to start. My last two buys are at 65 and 50 so certainly happy to get one of those out and if it goes as low as 45 early on I expect to be able to get a turn during the early gyrations.



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