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Post-PPI follow-up:
Seems like OEX 800 should see some interesting action, as the jun series has
the highest open interest at that strike per yesterday's settlement.
If the rally can take OEX to or above 800 between now and CPI, we should see
a flurry of short-covering.
Backing this up is the action in the SPX options, where call volume
yesterday was 2:1 better than put volume, after call volume was rising for 3
days going into yesterday. SPX options is where the big boyz play.
Sounds to me like the good old tug of war days are here again.
Bonds seem to be doing an OOPS news reversal.
FWIW. I couldn't care less either way, as long as it moved.
Gitanshu
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