2/10 Morningline

Markets are marking time this morning waiting for . . . Who knows?

Given the back-to-back blizzards in the Midewest and East, it's no surprise that this snow day is a slow day.

Blue chip stocks, Treasury long bonds, gold, oil, emerging markets -- waiting.

The greatest excitement among the indicators was a two-thirds of a percent decline in emerging markets that left the price within the range set the past three days.

Even the euro, which should be dancing in the forexian streets, was trading at the top end of yesterday's range, gaining slightly) in relation to the dollar (EUR/USD). My holdings are also steady, holding within the ranges set yesterday. Even ERTS, hammered so pitifully yesterday in an earnings-inspired 9% gap downward, was marking time. So without pretending that there's anything worthwhile to say about today's opening, pour another cup of coffee and run the numbers: Indicators, at about 10:00 a.m. Eastern: Blue chip stocks etf (SPY) is trading at $106.81, entered macd bear mode at close on Jan. 21 (at $111.70) Fear index or volatility (VIX) 25.86, bull (bearish for stocks), Jan.21 (22.27)

An updated edition of the 2007 classic on hedge funds. Think of it as a lessons-learned exercise for the new post-collapse era.

• Treasury long bonds (TLT) $91.27, bear, Jan. 12 ($90.32)
• Corporate junk bonds (JNK) $37.54, bear, Jan. 20 ($39.63) 
• Emerging markets (EEM) $37.95, bear, Jan. 20 ($41.77)
• Gold (GLD) $104.83, bear, Feb. 4 ($104.37)
• Oil (USO) $36.01, bear, Feb. 15, ($38.40)

Forex currency pairs:

• Dollars per euro (EUR/USD) $1.3717, bear, Jan. 20 ($1.4106)
• Yen per dollar (USD/JPY) ¥89.76, bear, Jan. 12 (90.97)

Stock options holdings, February expiry:

• CVS, iron condor (p29/-p31/-c34/c36) $32.69, bear, Jan. 21 ($33.24)
  
• ERTS, iron condor (p15/-p16/-c18/c19)  $15.82, bull, Feb. 4 ($16.98)
• MCO, covered call (-c30) $26.51, bear, Feb. 4 (26.39)
• PALM, covered call (s/-c13)  $9.49, bear, Jan. 26 ($11.17)

Stock option holdings, March expiry:

• CSCO, iron condor (p22/-p23/-c25/c26), $23.77, bull, Feb. 8 (23.50)

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Topics: S&P 500, SPDR, Spiders, Treasury bonds, high-yield corporate junk bonds, emerging markets, gold, precious metals, oil, petroleum, Cisco Systems networking, CVS, pharmacies, drugs, Electronic Arts games, Moodys bond rating, Palm smartphone Pixi Pri.