Today’s market opened LOWER and was weak all day with volume running just over 4:3 and advance / decline barely 15:14. The market was up and down all day; the Dow had a minor rally to close off just under -50.
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 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. This is a position that I’ve been trying to buy for over a week. The new, lower support seems to be the round number $1,300. I’ll use the texting service for any new orders. We will probably have to take the loss on 400 CRR tomorrow unless it rallies.
Also, as mentioned yesterday and on today’s radio show, AAPL has been deluged with bad news but remains above its recent breakout above $106. With the release of IPhone 7 in 8 days, I will want to buy the 9/107 calls around $1.20 or so. CAM
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