Like so many mornings, there are a lot of headlines impacting the markets. So mcuh so that I thing the cpi data was a complete non-event. It's expiration for January index options, we have a three day weekend, Obama's inauguration on Tuesday and more, massive bank interventions both here and over seas.
The indexes are higher but near resistance in my view. The Nasdaq has topped thus far at 1201 and the sp should see some resistsance in the 860's. I think you can sell calls/call spreads in the sp in the 860's and possibly sell puts/put spreads in the 820's.
In general, the early morning moves, higher stocks, gold, EC and lower 10 yrs and dollar index look to be fades.
There is a substantial risk of loss in trading commodity futures, options and foreign exchange products. Past performance is not indicative of future results
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