The market got off to a good start in official “end of summer” after Labor Day session. We had another poor ISM services number and as the US$ sank, gold took off. The position we added on Thursday afternoon in the 9/126 calls @ $ .97 opened up to almost our 100% UP rule point. While I hated to give up half of the position, the rules are the rules for a reason. We sold the first half @ $1.94 this morning and they closed the day @ $2.99+ 1.54. The balance will be traded (probably) with a trailing stop so we don’t give up too much of the gain, or sell it at some indiscriminate price.
The market internals today almost 2:1 for the volume and 3:2 for the adv / dec. While we had gains across the board, the NASDAQ was up over twice the NYSE or the S&P 500, and was the only one closing at a new high.
The long-awaited release of the IPhone 7 and any other product surprises is tomorrow. The press (which has no idea or any actual information) has talked the new improvements or features down to the point where the expectations are so low that AAPL would have to bring out a string with 2 cans on it to actually disappoint. We are long the AAPL 9/108 calls @ $1.01 (closed today $1.37) and the history of these releases has been higher prices between the weeks before and the actual availability of the product. During that time we will see actual phones, accessories, and features. The horrendous performance and recall of the Samsung Galaxy 7 can only help IPhone sales. And frankly, as a longtime Apple user, I have every intention of getting my upgrade as soon as it’s available. I’m certain I’m not the only one !!! CAM
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