Today’s market was like a high school kid’s worst nightmare, “What if I gave a party and nobody came?” The AAPL earnings were already in the book before the open and everyone waited for the Fed decision, which of course was another non-event, followed by a minor relief rally.
I tried to trade the GLD using a close stop and it cost a minor $ .19 per contract.
We were profitable for about 5 minutes before it rallied hard.
I also took a small profit on the position of the CL puts. I tend to shy away from the earnings related issues and CL has its second quarter tomorrow so I went with better safe than sorry.
The market internals were pretty even for the day with advance/declines were 14:15 and the volume was 3:4. As I’ve said several times in the last week “The longer we spend consolidating over the breakout over 2150 (S&P500) the more the chance we are going higher. Follow that with the FB numbers after the close with the attendant $10 rally and we have as good a reason as any to bring the punchbowl back to the party.
We are still maintaining our spread position in HL and I’m looking to get back into the metals and a few post earnings names. I’ll text new trades tomorrow. CAM
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