A Large Lesson Learned

" We make things happen by wishing them, because we are not the only observer of what we experience, but also the creator"-Vilayat Khan

A large lesson learned: The long recession has cast a glaring light on the fact that public and private workers increasingly live in separate economies.

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In our Monday commentary we mentioned that we are watching steel. U.S. Steel had 850 $46.00 calls and 800 $50.00 calls; overall 29,000 call trades, and 20,000 put trades.

We think much of this might be moving from the "front month" (July), and traders looking for more time. We saw the same thing in AK Steel Holdings, with 13,600 August $15,$16, and $17.00 calls changing hands.

So, there is a bet going on sparked by China's move.