Today’s market opened lower and was weak on and off all day. As has been the case all month the Dow made a low of -120 and then closed a loss of less than half at -53. The volume and advance / decline were barely 3:2 down.
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. We also had a historically small range. The last August with a range this small was 1928.
The open positions that we have aside from the HL spread, a new position mentioned last night, is the AAPL 9/108 calls bought @ $1.01.
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 used the texting service near the close today and stipulated that the order was for both this afternoon and tomorrows session, and it is to buy the GLD9/126 calls. I’m hoping for a decline overnight in the futures and maybe to pick up those calls early in the AM. We had to take the loss on 400 CRR on the stop at the close today. CAM
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