TRADING W

Just as I get my post market open post up the market tanks as W speaks on Oil and "halts" purchases to the strategic petroleum reserve. He is apparently concerned about his legacy (Terror, Iraq, Iran, Oil prices, Hurricanes, Low approval ratings). But just as he stops talking the markets turn back and recover all the points lost during the speech(lol).

I am not thinking the recovery is going to continue as the market internals (best intraday tell) have not reversed and are still 1,000 issues to the darkside.

Oil seems to be a real battleground today, in light of the speech and VLO numbers and currently the OIH is lower by a buck or .7% after being all over the map this morning. In accordance with full disclosure I sold some OIH 160 puts.

The only other interesting observations this AM are lousy action by the brokers and the 10 year Bond trading up to 5.07%.