Morning Brief Friday May 18, 2012

Good Morning. So finally we can get the nonsense of the Facebook IPO behind us. Sad to think this the largest IPO (or close to it). I guess with a weak labor market Americans have more time to “network” and “friend” each other. And of course tell the world what they had for lunch, etc.

Please excuse the rant. As for markets no economic news today just options expiration. The SPY continues to be out of balance in regards to open interest and I suspect for once max pain will not live up to the true definition and wipe out the most option holders.

The markets are due for a bounce for the simple fact the SPX has sold off five consecutive days (seven day rule in affect). I do suspect any intraday strength today will be met with selling pressure into the final hour as many investors will want to reduce risk ahead of the weekend. Headline risk whether it be a Greek departure from the EU or Spanish bank runs, etc are enough that more investors are growing risk averse especially into a weekend.

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