Today’s market was like watching paint dry. There was really nothing of any consequence going on. Single digit gains and losses in all the major averages made it difficult to even stay awake. Everyone is waiting for the 8:30 release of last month’s employment number.
The market internals were pretty even for the day with advance/declines were 4:3 and the volume was 3:2. As I’ve said several times in the last 2 week’s “The longer we spend consolidating over the breakout over 2150 (S&P500) the more the chance we are going higher. Even with the move down on Tuesday, the S&P500 has not closed below the breakout.
We have a small position in WTW calls and the Company today reported in-line earnings but a miss on revenues. It is trading now (5:21pm) at $10.67 and is slightly lower on the day, but well off its high of $11.72. They are holding a conference call now, and while disappointing, it has a large short position. Any good news on the call can take it higher. If not, the position was purposely small to avoid any real damage.
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. We still have positions in FAST, AA, and a short in QQQ for balance. CAM
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