We’re not picking up any particular names selling into strength this afternoon but it is noteable that the mrket is having trouble overcoming the 1.3655/70 region. We’ve made four different forays up here in recent days but hav stalled. As we noted last week, there are lots of options strikes arrayed from 1.37 through 1.40 set to roll off over the next two weeks or so.
With a holiday weekend coming up, perhaps some are selling some spot on strength, hoping to improve their average if they can buy them back on a dip. Thta helps pay for the inevitable time decay that comes with options. As anyone who has ever bought an option knows, time flies when you are long options.
