Finally got the GLD calls
Today’s market opened lower and was weak right up until the ISM numbers came out which were well below estimates. This started a rally from DOW -120 to close up on the day. As has been the case all of last month, we couldn’t really get any follow-thru. It has been 39 days without a gain or loss of 1%. The internals at noon were 2:1 down with volume the same. At the close the A/D was 14:15 and volume 365:453.
These internals remain stronger than the daily action looks. Today was no exception.
The open positions that we have aside from the HL spread is a new position mentioned last night which is the AAPL 9/108 calls bought @ $1.01.
Last, but not least, I am finally got the 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. We paid $ .97 right after the open, and between the ISM numbers, auto sales and head of the IMF LaGarde’s comments that we need more “forceful action” to avoid a low-growth trap ahead of this weekends’ numbers, the gold then strengthened. A close over $1,324 could send us higher again…Have a good long weekend… CAM
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