The desk is running conviction on both sides of the tape today, and the book is anything but quiet.

The desk is running conviction on both sides of the tape today, and the book is anything but quiet.

Technology is where we have the most color right now. We are long one of the large-caps in that space with solid conviction — the setup is clean and we like the structure. On the other side of the same sector, we are short a different large-cap name, also with solid conviction, and that one is already moving in our direction. So technology is a pairs story for us today — not a sector call, a divergence call.

Healthcare is running a similar shape. We have a long working in one name — conviction is high and it is performing. The offsetting short in healthcare is also on with solid conviction, though that one is still developing.

Intraday, the gap-fill book is active. We are playing both sides of the open, which means the first thirty minutes are not a directional bet for us — it is a reaction game. We let the open tell us something and we respond to what it gives.

The desk is engaged. The book is balanced with edges on specific names, not a broad directional lean.

That is the desk read. Position accordingly, or do not. Your call.