The Daily Dose of Trading Comments

Prices have receeded steadily and now threaten some key areas. A break here of 1258 basis the SPX puts 1248 back into target while 2220 basis the NASDAQ seems to be in play again. I thought the weakness would come end of week, not start and thus I'm carrying a bit more than I should on the long side. My attempt to spread early this morning failed with the NDX not bouncing enough to get in a short so mostly I'm observing and not allowing individual positions to get too far underwater. I find it hard to believe that we can get a hard sell off into end of year given the need to keep these balls afloat for bonuses. Right now the bonus boys are getting a good dose of selling to keep them worried. Let's see what the afternoon brings. For now you still have to consider buys on weakness, sells on strength and so far, today is no different as the sells early were there to take.