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The market's not closed yet (everything is hovering around unchanged at present), but I thought it was worth a little comment.
The S&P futures drove up - hard - starting just before 6 a.m. Oz time; this took the market from its low for the session, to what looks like a failed re-test of the day's high. 990N has been very active, with the bid quantity as high as 5000 units (most of them 990N) in order to prevent a re-test of the low.
That said, I think that this might be a "bear trap" - and apparently-bearish move that gets spiked, at least in the short term.
CSCO releases its results after the close tonight, I believe (although perhaps it's tomorrow). If there was ever a company whose CEO is always a willing accomplice to a "blue sky" forecast to help a short squeeze, it's John "We Can Grow at 30% a Year, Forever" Chambers.
If that happens, obviously the QQQ put is likely to sting a me little in a walletus maximus, but thankfully it also means that the bond positions ought to explode (in a nice way).
