The London Intra Bank Overnight Rate has dropped below 1%. The credit markets are indeed starting to thaw. The Fed cut rates and European and Asian indicies are up. Futures are up.
High Options volume for yesterday was the QQQQ Nov 34 Call.
It appears as sentiment is changing. There are still sellers in the market, don't doubt it; but, there are signs of mild improvement.
I am still long a spread on the Q's with my original target rate of 34. I'd like to see that target hit by weeks end, but am prepared to wait it out.
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