Monday, March 22, 2010

Head Fake, The Healthcare Vote Gives The Markets A Lift (UNH, HUM)

By Sell Puts 3/22/2010 03:13:00 PM

Traders were caught off guard this morning as the futures were indicating -8 points on the S&P500. From the opening print on the markets ripped higher on what I believe is a well orchestrated short squeeze combined with the euphoria of an up market where buying highs is rewarded.

Wellpoint (NYSE: WLP) and United Healthcare (NYSE: UNH) opened higher today pulling on the index's, though both names as of 2 pm eastern are negative. This is a tell that the vote was priced in many weeks ago.

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