Today was positive right from the start. The market internals at the end of the day were almost 2:1 and the volume was better than 3:1. The retail names, Macys (M) and JWN were solid all day. The oil also had a solid day after they tried the downside to rally and close near the highs of the day.
All in all it was a strong day across the board. Our position in FAST was higher, .breaking through the prior recovery highs at $43.23, then moving up to $43.63
and although it’s a little overbought on the daily, on the weekly it is still oversold and looks like it could test $44.0-$45.
The only disappointment was the gold pulling back and it looks like it will test the lows again around $1,330. A bit of a disappointment, but we will await tomorrows open to make a judgment on the 8/127 calls.CAM
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