Thank goodness John Thain now works at Merrill Lynch, and no longer looks down at the help at NYSE Euronext. (NYX 63). CME got cracked and then traded up to 400. Meanwhile, for the next month, judges are pouring over the details of Spitzer's suit against Grasso.
So buy NYX here now.
We know the news about Grasso. We know that a trial will bring up dirt. We know that the CME and ICE are getting hit. But they are getting hit because they allow anonymous futures trading.
That's going to end.
But the pullback in oil, is going to help the stock market. And the NYSE, under Duncan Niederauer, is a more transparent, and much better company than under John Thain.
Today the stock traded up in a down market, and option players were all over the June 65 calls trading over 2000 contracts, which is over 40% of the open interest.
Last week, TSO had the same option activity.
Just look at the action in the refiners as Western refining (WNR 11.45) closed up over a stick, and Tesoro (TSO 24.24) closed up 3%, with extremely heavy call options in the June 25 strike, indicating that it's time to start the rumour mill with the refiners, and that the cost of goods, oil prices, are heading down, and not up.
So did Garmin, so I wrote up the stock.
Now it's the time for NYX. Despite what the oil bulls say, oil is ready to collapse $7-10 dollars the next couple of days.
The pullback in stocks is over. The Fed, with their alphabet soup of programs to help the banks and brokers, now needs some help because the bears are pushing for more disclosure on the financials.
The Fed doesn't need that light! So shine the light on the oil speculators!
So look for oil to come down hard, here, right now, so we can forget about the balance sheets of the banks!