12/28/11

Oldest son came over today for lunch and to hang out. He leaves for Dallas next weekend to begin his company training as an otr truck driver. Has passed his CDL, hired by a big firm and good to go. It's good to be employed in todays world. Good visit so didn't trade, just SOH and watched the market drop off the strength in the Euro. Had a bad feeling yesterday that it was time for a pullback so had executed a Jan12 127/124 put spread at the market close. Now I'm thinking I should have bought in larger size. Volume is so light it is difficult to assess what todays selloff means and if it will be a continuation move to the downside. Will follow the /ES's into the overnight and see if a tell is to be had. Jeff Bierman has been beating the drum that this market is overbought & due for a selloff. Says it is the Generals, not the soldiers. Looking for a move down through a 1237 fib # to 1190 or so. We'll see. It fits with my 120-126 range on SPY. This is the 3rd test of the 200 day mva and failure of same. Don K still thinks we move higher after the 1st of the year when traders return to the market. Works for me. Later traders.