No Confidence in Congress

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No Confidence in Congress According to a recent Gallup poll, the U.S. public's confidence in its lawmakers is about on par with its confidence that the Rolex the guy is trying to sell them on a New York city street corner is real. Currently, 4% of Americans say they have a great deal of confidence in Congress, and 3% have quite a lot of confidence. The poll reveals that Americans' current confidence in Congress is not only the lowest on record, but also the lowest Gallup has recorded for any institution in the 41-year trend. This is also the first time Gallup has ever measured confidence in a major U.S. institution in the single digits. Confidence in Congress has varied over the years, with the highest levels in the low 40% range recorded in the 1970s and again in the mid-1980s. Confidence rose in the late 1990s and early 2000s, but has declined since 2004, culminating in this year's historic low. Again, it's no shock that the vast majority o fAmericans have zero faith in their so-called "Representatives." The bulk of these folks are lying, thieving, white-collar criminals, and we all know it. What's surprising is not the 93% of Americans who see CONgress for what its is, but the 7% of people who somehow still have a great deal of confidence in these hacks. But then again, according to the website public policy polling, -7% of voters think the moon landing was faked -4% of voters say they believe "lizard people" control our societies by gaining political power -14% of voters believe in Bigfoot -5% of voters believe that Paul McCartney actually died in 1966 So there will always some segment of the population willing to believe anything…. "you wanna buy a watch?" Read Past Issues of Larry's Newsletters at TradeWithLarry.com

We ended the week off with a choppy session. Volume was a bit light and activity was not as volatile for a quad witching day. The markets did finish In positive territory, even though the uncertainty of the geopolitical situation in Iraq hung over that markets. While I don't suspect the markets will react to anything that takes place over the weekend, you can tell a level of uncertainty hangs over like a cloud at the moment. I suspect the markets will open close to UNCH today, or maybe slightly down. That being said I still like the upside for the intermediate term. Read More

TECHNICAL DATA ES 1955.50/1952.50 POC 1953.00 YM 16879/16859 NQ 3794.75/3788.75

Expiration week can be a very interesting trade....for a professional market maker.  For the individual retail investor often the risks outweigh the potential rewards.  For the market maker, there a typically huge volumes in the market attempting to unwind, close out or roll their existing positions.  It can be very profitable to get in the middle of this order flow.  Retail traders can't do this.  It simply will be too expensive from a fees and commissions standpoint.  That doesn't mean that the retail trader should just ignore their expiring positions.  Let's take our expiring (6/21) position in Twitter TWTR.  Over the last couple of  months we have had long delta call spreads out their in TWTR.  Read More

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