After a brief selloff, the 4.5 continued its slow climb but has since failed its first test of the intraday high of 101-19, this short term ceiling appears to be holding strong at this point. The 4.5 has sold off a bit since but, once again, this is nothing to worry about....still holding just above base camp.

We did witness the bid/ask spread widen up a few ticks as market participants tried to push the bid higher, of course this did not work out for the ask side of the transaction. The bid/ask has tightened back up since it gapped up to a 5 tick spread.  Here is a snapshot of the stack...

FN 4.0: +0-22+ at 100-02

FN 4.5: +0-15+ at 101-16 (Base camp is 101-14)

FN 5.0: +0-17 at 102-14

FN 5.5: +0-13 at 102-27+

FN 6.0: +0-02+ at 103-10

 The 4.5 is attempting to retest the intraday high price ceiling again...will update on the breakout