Every market decline is always sprinkled with a handful of short squeezes when you least expect them.

I would like to think the market was going to extend this rally but I seriously doubt it is in the cards. There is little in the way of big earnings left other than Cisco on Wednesday. We have the Greek debt problem and the attack on Wall Street. Today it was a new attack on big oil.

The short squeeze stopped us out of Fuel Systems with a 75-cent profit and leaves us with only three positions. If I had some conviction today I would recommend some more short calls but we need to see the market roll over first. Selling calls into a rally is a quick way to lose money.

Option symbols are giving everyone a fit today. Instead of changing the symbology to remove confusion it appears the change added confusion because every broker and quote/chart provider has enacted their own subset of the new symbol. I am using DTN.IQ for my portfolio tracking and I doubt these symbols match anything you are using. You will have to take the English description and get the right symbol for you on your quote system.

No changes tonight.

Jim Brown

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