Friday, June 18, 2004

With the Nasdaq futures up 15+ points in about a half-hour this morning, we are seeing unusual action for an expiration day.  Despite their reputation, expiration days tend to be more muted than a random day.  With the spiky nature of the rally this morning, it seems more like someone was caught leaning the wrong way than "real" buying pressure.  I would suspect that after a bit things will cool off and we will meaner the rest of the day on increasingly lower volume, but since this morning already started off unusually, I wouldn't place bets based on that suspicion. 10:13:16 AM