Today was soft right from the start. The market internals at the end of the day were over 2:1 and the volume was also better than 2:1 down. Energy started strong again and it never really gave it back, closing right near the highs. Tonight the futures are lower by about $ .15 and comfortably over $46. The gold rallied higher and then gave it all back again but managed to close up, but still about 2/3 up on the range. 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 weak day across the board. After a decent start the WFM calls and the BMY calls faltered. 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 around today’s lows ($59.30)
Our position in FAST was also strong, but getting into some serious resistance. I sold the second half of the position at $1.70 and will look at it again after it either pulls back some or just consolidates in this area from $41.25-$44 . I didn’t sell the stock position in the big account. I also bought a small position in the SCO (reverse oil ETF) just to see if we can capitalize on any pullback in the oil. CAM
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