A Perfect Storm

What's black and white and red all over? The pre-market window on money.cnn.com. (Sorry - couldn't resist).

Well today is going to be something special - options expiry (normally a benign day) and MOT just announced horrendous results. Couple that with IBM's massive profits that managed to disappoint everyone in sight last nite and whomever is holding all of those put shorts has got to be having a lot of problems holding their WII about now. Buy-write just took on a whole new dimension and it isn't pretty. The call shorts are all out celebrating with the put longs and the call longs are just cry ai ai ai ying over you. (RIP Roy).

Of course given the fact that everything is so oversold that there isn't anything left to sell has got to factor in here somewhere - me I'm going to sit back and watch - I was always a "hold the coats" or "go get the sheriff" kinda guy.

Update 09:00 - watching the pre-market and they are hardly trying - IBM hasn't even turned a million shares yet. The big hit of the morning seems to be CWTR down 5 and change off an awful report. Maybe the fact that it's expiry day will keep the 'toots in check - we'll see.

Update 10:00 - it is possible that we are going to have a turn around day. Q's are starting to catch some interest and a number of stocks I'm watching - S, MOT, GLW, SYMC appear to be on the way up. Of course it is day 4 of the GOOG short squeeze. But even GOOG looks like its getting some interest. Not a short squeeze but some interest.

Update 12:00 - for about 8 minutes there I was actually in the green for the week - maybe 9 minutes.

Update 2:00 - Q's are clean and green and look like they are going to stay. I guess three days down was the charm. IWM is also up and of course GS went green early this morning and stayed that way. SPY is also green. I would have liked to have another down day but we'll take what we get.