We held our levels, even had a tiny advance and made a few fun trades along the way -- what else could you ask from a Monday? It was anything but a clean getaway though:
- Dow held 12,400, but tested a bit lower (12,350) than we would have liked.
- *Transports notched up to 2,692 but were rejected at 2,700.
- S&P held 1,412, but only after dipping down to 1,405.
- NYSE 9,000 did hold up quite well -- but it was rejected from 9,050, so the canary remains trapped in quicksand!
- Nasdaq held 2,425 but still has a long way to go to get on a better path.
- The SOX held 470 but bounced sharply off 475.
Oil had a wild ride today, opening just over our target at $57.25 early this morning before falling back all the way to $55.10 around 11 and splitting the difference to close down .22 at $56.09. There are still 297M barrels worth of open contracts and just 8 trading days to decide what to do with them.
Oceaneering International Inc. (NYSE:OII) jumped up 7% today, just daring us to short it, and I stopped out of my April $40 puts and picked up some $37.50 puts for just .85, just in case reality attacks. Other than that play, we hung onto our oil puts and picked a few more up later in the day.
On the whole, as we expected, not much happened today at all.