Today’s market opened higher and was strong all morning with the volume running as high as 6:1. Later in the day it sold off and closed near the lows of the day at 2:1, and at the close we were up only about +20. The stocks were also in the same boat at just over 2:1 in advance / declines.
These internals remain stronger than the daily action looks. The internals have led the way for the whole month to date. For a month that has a historic bent to the downside August has been pretty strong.
The only positions that we have aside from the HL spread and the BMY calls are the WFM calls looked pretty good this morning but gave up the gains by midday. We’ll have to wait to see if they can hold here and move higher.
Last, but not least, I am still trying to buy GLD calls. Also, on my radar, CRR and XCO. CAM
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