Monday was another see-saw day with a down open (-70), a rally to up on the day (+30) and back down 50 and a close of down $25. The internals were mixed as volume was 1.5:1 down while the advance/declines were almost exactly even. The short SIG position was about unchanged while the lower oil prices stopped us from buying more SCO. WFM went our way all day and our options were up 80% to close at $ .77+.34. Tomorrow I’ll try again to buy some GLD calls, but any close below $1,336.40 will take us out.
We still have a position in FAST and we took profits last week in the expiring calls. The stock looks like it’s turning the corner but I need it to work off some of its overbought position to get long the calls again.
I’m also looking at TBT calls, rewriting against our long SUN position, and as soon as we see some more stability, long the BMY calls. CAM
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