We made a terrible mistake yesterday. We complained that the market action was kind of boring, and that there wasn’t much worth talking about. But comparatively speaking, yesterday was like winning the lottery while riding a rollercoaster on the private island you just found out you’d inherited. Today was boring. Today was so boring, Tim Knight was reduced to posting Sky Mall gift ideas for Father’s Day. That color pattern clock looks pretty cool. While we’re at it, you should check out the Sky Maul catalog (pictured), than which no funnier parody can be conceived, and then consider supporting Kasper Hauser and especially Jessie Thorn.

In other news, some changes are going on behind the scenes here. We’re working on a redesign of the site, which should be ready in the next several weeks, and we’re pretty excited about that. It will include a section for featured articles to make it easier to catch up on any important pieces you might’ve missed, plus a totally separate, private area for members. A little further out, Frank C. will be launching the Calendar Options newsletter – these bonus calendar trades you’ve been seeing are just a sample of the kind of thing he’ll be doing there. And also this summer, J. C. Wolfe will start work on the Diagonal Options letter, which will probably launch closer to the fall.

Posts on deck for this weekend/next week: a comment on why we think all the bad news isn’t priced into real estate yet, a review of Anthony Saliba’s Option Strategies for Directionless Markets, and a newsletter takedown, as promised.

Reversal Readings

Not much new to report here: the major indexes are still short-term overbought, commodities are flat/oversold. But check out PHO, the water ETF, pushing toward a new all-time high. This is a case where, just because a name is short-term overbought and maybe even overextended, you don’t dare short it. Volume was a little above average today, the ADX line is rising, money flow is picking up, and people need water! More on this later.

Last 5 posts by Condor Options

• Midweek Sméagol Reading - August 20th, 2008
• More on The Correlation Game - August 18th, 2008
• August Monthly Review - August 17th, 2008
• They Have the Passports to Prove It - August 13th, 2008
• Sleepy Nasdaq - August 12th, 2008