Today was positive right from the start. The market internals at the end of the day were over 2:1 and the volume was better than 3:1. Energy started strong and never gave it back. The gold was slightly higher and closed up after a narrow range day. We are long the GLD calls, but I’m keeping a close eye on it since the OBV and momentum seem to be weakening.
All in all it was a very positive day across the board. We also bought WFM calls and some BMY calls. The BMY has been down pretty hard on the discontinuation of a trial last week but I think it can bounce a couple of dollars from here, unless it breaks the recent lows.
Our position in FAST was also strong, but getting into some serious resistance. I sold half of the position at just under the 100% up Rule just to be sure. They expire on Friday so I don’t have a lot of patience for pullbacks. CAM
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