6/23/08 (Oil Pow-Wow, Citi in "Irons", Supply/Demand)

Published: June 23, 2008, 9:40 am

Traders, Expiration, as expected, was rather volatile. We blew through many strikes the whole week saw serious up and down moves and the open interest was spread across the board. The INDU has given back all the gains (almost all) from the low that was visited in Feb and March and is now again testing them a 3rd time. The SPX is also getting close (about 40-50 points). But the NDX is still significantly above the 1700 lows and the RUT as well. The NDX is a volatile beast and with some heavy weight (over weights) driving it higher it could see more volatility and drive lower. It seems like one of the few places that some have rushed too for cover, don't know why. The one bright spot is the RUT holding in at the 720+ area. The broader market has not seen the suck out that the INDU or SPX has seen. Will it hold? For now we will have to see.Hopefully you do NOT watch this fool that blows more smoke than a 3 alarm fire: http://www.youtube.com/watch?v=_nkZ3eHeXlc (Tom, thanks for

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