Bernanke says no bail outs ever again. Treasuries tumble to a five year low as bonds fell sharply at the Treasury Auction. Gold fell below 1000 on the rising dollar, and is now ready for a bounce. The Euro was dramatically down. The DIA hit channels of resistance.
All of this points to a topping. The Dow opened at 10,887 and closed at 10,887. This, using the theoretical Dow, pushed the Dow to 10,927. We find it doubtful the market will exceed 11,000 without a consolidation, or if it does that it will be fleeting.
It becomes boring here, as our put holds it's own, and the call was not trade ready, as the market did not move with any strength.
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