“Governo não baixa taxas por cedência aos lindos olhos dos empresários”

[Ulisses Pereira]

"Expiration Fireworks Move to Thursdays"

By James J. Cramer
09/19/2003 01:42 PM EDT


"Expiration fireworks don't happen on Friday afternoons anymore. In fact, they don't happen on Friday mornings, either.

The Big Board and CBOE have worked it out so all of the fireworks happen on Thursday. That means the big buying is out of the way for now. It doesn't mean the market can't go higher. It does mean that the artificial index-related buying is probably complete.


We've had a strange pattern where longs book gains early in the afternoon on Friday, then shorts interpret that selling as a sign of something bigger and pile on. When that happens, we get squeezed on Mondays.

But that pattern could be interrupted by some post-expiration selling by people who hold, say, the September 90 IBM calls for a freebie look over the weekend and then give them back if nothing happens. Not a bad bet; I'd do the same -- the stock smells an upgrade.

Anyway, I don't expect the Friday pattern to be affected either way. Don't look for fireworks. They already happened. "

(in www.realmoney.com)