Yesterday's mischief was as advertised as buyers defied those that had sold calls (particularly the $1350s) and the squeeze played out like an overly-zealous TSA inspector...bye bye DEC options. Now, the morning-after reality with modest turn-over and no compelling reason to re-establish a directional position as a looong weekend is upon us. The numbers are benign...open interest came in by several thousand on Monday; the GSR is again slightly elevated ~50.20 and still well-away from leading indicator levels warning of liquidity concerns and most likely reflecting the easier tone in the broad commodity patch; RSI is ~55 leaving room for upside momentum. So looking ahead our basis is now the FEB expiration and while our focused Thanksgiving familial buoyancy this weekend could mute much of the insignificant noise from Ireland and points East don't count out an overripe lecture from some newly self-righteous politico spewing the gamut from austerity to bail-outs to goose the market. Absent our bruised shorts from yesterday let's expect low volume and an early rush to the exits today.
Disclosure: No positions mentioned