A few things to reiterate here as Wednesday’s session was basically a mirror image of what we been seeing all week.. If you didn’t think gamma was an important factor to follow in this game these days, you’re witnessing first hand of how it plays a powerful force on price action .. You could hit this market with a scud missile & she ain’t budging .. Every dip finds buyers & every rip towards SPX 3100 steps in glue .. And as we move closer to Friday’s Nov opex, unless they start pushing some stuff up & out early, we are basically stuck.. The more important factor to keep an eye on here is what may happen next week when a good chunk of this “glue” comes off the books & things likely loosen up quite a bit .. In the next couple days, we are going to get a better idea of how gamma lines up into next week & thru December opex but the things I’m eyeing here in the meantime is obviously flow & sentiment .. We’re not seeing much of any initial activity in fresh names, yet .. A few selective names are seeing buying but nothing aggressive enough that stands out .. What we are seeing is some interesting rotation under the hood though as the indices do nothing .. Not the major rotation that has carried this rally but smaller rotation from day to day .. A few of the hot pockets of major rotation (cyclicals) have started to breathe a bit & FXI/EEM the Asia related issues (which have led in recent months, in both directions) have cooled a decent amount this week.. I would suggest keeping an eye on both the flow & price action in FXI/EEM for clues of whether we push higher or need to digest recent gains .. We know sweepers have tattooed the likes of EEM FXI ASHR to ignite this rally, so they should show up once again off a decent dip, if/when its time .. There’s also a possibility we rotate back, out of cyclicals & into some of the crowded issues that have corrected a good amount for a bit.. That doesn’t mean that the “rotation” is over but it’s a clever way they can hold the indices up while they allow cyclicals, banks, industrials to consolidate a bit off some really strong moves.. Regardless, the next few days we should be getting decent info from the things we watch on a day to day basis .. So keep the eyes open & no need to rush to make any drastic moves without strong evidence at hand.. Let sweepers, sentiment & positioning do the talking, we just need to listen!