Spent the last couple of hours watching the commentary done by Jennifer Westfeldt and Heather Juergensen on the Kissing Jessica Stein DVD. They are both so smart and lovely and talented. Jennifer is a year younger than me, can't find much information on Heather, but she's also an X'er.

I'm hoping PDLI gets through the morning high into the close... you can see on the afternoon dip (assuming that you have a chart in front of you) that I was almost stopped out... in the old days I never tightened my stop but I'm re-training myself to reduce my risk when I can. PDLI will be my Dummies lesson tomorrow for those who aren't on real-time.

OK, that's a wrap... cancelled last buy stop in RMBS, protective stop in PDLI at 16.27 till day's end, have a nice afternoon.

Stephen Roach reminds us in today's commentary that 'there's still good reason to be cautious.' (I love this guy's language; there are some new phrases -- he had a long weekend to think them up -- among the Recurring Roachisms™.)

And now, live from Madison Square Garden, it's THE ULTIMATE POST-BUBBLE PAYBACK!

Trapped rats in EGHT fleeing the sinking ship (darn glad I didn't get stopped in at 6.49)... RMBS has no pace but I'll still be looking long above this tiny noon bar (31.14 potential entry)... and PDLI stop at 16.27 where it will stay until the close.

31.17 is the potential entry on RMBS... 6.49 on EGHT... PDLI protective stop can be cranked up.

Treasury Notes are getting wrecked this morning... you can see the nice short entry that anyone watching it would have taken.

EGHT about to make a move, RMBS also setting up long.

Down bars in RMBS EGHT... PDLI moving nicely higher.

Sentiment is positive... looking at longs... nice narrow range bar in RMBS... EGHT also still unusually active.

"I was brought up in a typical sort of upper-middle class British family... church twice a year, if you go more often than that you're considered a little déclassé."
-- David Aikman, author of the new book Jesus in Beijing, in an interview on C-SPAN.

On my watchlist so far: ARIA EGHT INAP PDLI RMBS VOCL ZTEL

There was an article in Barron's this week about a new put/call ratio that the ISE has created. It's interesting because they are trying to isolate the dumb money options players to get a better read on popular sentiment, which is something I have always tried to do by watching the equity-only put call ratio.

At first glance it doesn't look much different from the CBOE equity-only put call ratio, but I haven't yet crunched the numbers. I'll certainly keep an eye on it and am happy to have another indicator of public sentiment.

S&P 500 Index with ISE Put Call Ratio, Weekly Chart

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