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Morning Market Briefing – Friday- 09/20/2013

On Thursday the market reversed and ended the day lower (except NASDAQ).  The enthusiasm driving by the Feds decision to not taper was replaced by the realization that the Fed sometimes lies.  Nothing affects traders more than uncertainty, and the Fed served up a nice quantity of it on Wednesday.  Now investors are left wondering if Ben Bernanke has started a trend (Do bankers lie?).  The answer to that question came sooner than expected when yesterday India’s Raghuram Rajan hiked the interest rates to 7.5%, again shocking the markets.

Today, a quadruple witching Friday, the markets are again in a wait and see mode.  It appears that the deer’s keep staring at the lights coming towards them.  At the end of the day, stock index futures, stock index options, stock options and single stock futures contracts expire.  Yet, the market is behaving as all options traded are exactly where they should be, at “max pain”.  While all the deer’s are frozen in place, the machines movements have truly taken over.

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