A new week has brought a new round of selling into the stock market. The positive momentum from last weeks massive rally off the 'Brexit' lows is gone. The negative headlines remain and Italy has now re-joined the fray.
Ramble On
A Crude Relationship
After a furious rally last week off the 'Brexit' lows, the market is in pull back mode to start the trading week. One thing that really sticks out today, aside from the continued inflation of the bond bubble, is the collapse in crude oil.
Crude oil has been a leader for this market over the last year.
$LNKD Call Options Surge +216,400%
$MSFT buyout of $LNKD created some massive gains for CALL options.
One particular strike surged over 200,000% yesterday. From $.02 to over $43 each. There was a late trade of these options on Friday for roughly $300. The same trade yesterday morning was worth almost $700,000. Yes $300 to $700,000 in less than a full trading session.
Morning Market Ramble
Conflict. You can see it this morning in the way S&P500 futures are trading. It is not sure where it is supposed to go today. From a personal perspective Monday's have not been my brightest days to trade, so if it takes today's entire session for the market to make up its mind, that is quite all right with me. Although last Monday's entry into some $STZ $160 puts for $1 worked quite well, running over $5 a few days later. There are quite a few attractive set-tups heading into this week as well as earnings yet to be reported.