Hi Pascal,

Your note caused me to go research "reverse repo's" - sounds like this new program will give the US Fed more control overnight/short term money market interest rates - that broken down so badly during Fall 2008. And, the Fed will have more control to raise interest on that end of the yield curve when they want to, e.g. if inflation starts to rip.

I am not sure how the end of month reverse repo's tie to positive cumulative tick values?

You noted that you are eyeing Jul 13 and Aug 1 for possible trading.

I recently looked at the 1st day of the month statistics on QQQ over the last 10 years. The win rate is about 2/3 and avg gain is +0.2% from close on last day of previous month to close on 1st day of the month. There are other studies on the internet confirming, giving more data, and explaining this seasonality. I believe its one of the stronger/valid seasonality statistics.

Shawn