Today’s market opened higher and was strong all day with advancing volume running at over 5:1 at the close. .Advance / declines also had a strong day with the final of 3:1. The most impressive gains came from FB (a new high and high close) and the other “generals”, AMZN in particular continued higher. The standout non-performer was AAPL with the headline EU tax issues and Tim Cook selling 980,000 shares of stock. Usually AAPL would be getting a bounce here (10 days to IPhone 7 launch) but the chart is troubling.
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.
I am still trying to get long the GLD here at support but haven’t gotten the calls at my price and won’t pay up just to be in the trade. We again went into the CRR (calls have no liquidity but have another close stop.
If, as it seems, that good news is in fact good news the banking sector looks interesting. Better economic numbers and a rate hike would steepen the yield curve and help banks with better returns on investment. I’d be more likely to buy a pullback.
We are still in the SCO (short oil) and while the oil looks like it’s bottomed, it remains vulnerable to $41-42.50.
I’ll be looking for some short term trades and using the texting service for new orders. CAM
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