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QUAD-WITCHING & OTHER NONSENSE

|Includes:BWX, DBB, DBC, EEM, EFA, EPI, EWA, EWC, EWJ, EWZ, FDN, FXE, FXI, FXY, GLD, GOOG, IEF, IVE, IWM, IYR, IYT, KBE, MDY, PALM, QQQ, RSX, SEA, SPDR S&P 500 Trust ETF (SPY), TLT, UNG, XLB, XLE, XLF, XLI, XLU, XLY, XME

March 19, 2010


 
QUAD-WITCHING & OTHER NONSENSE

Quad-witching fun and games often obscure other issues.  This type of day is loaded with mechanical gyrations that have zero to do with fundamentals.  It’s particularly true as the trading day ends since many are scrambling about trying to meet and match their delivery obligations.   It’s just the way things work and Friday was no exception.

But, there was more serious news as India raised its interest rates and many now are saying the Fed will increase the Discount Rate yet again before their next meeting.  Further, the health care bill is theoretically (I’ll believe it when I see it) heading toward a conclusion on Sunday.  Many are starting to believe it will cause a major market sell-off.  I’m ambivalent regarding the latter since, despite Friday’s action, the tape is in good shape and many think a bill (whatever the hell it is) will pass.

There are also Treasury bond auctions on tap and...Click to enlargeREAD MORE!

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