The market got off to a quiet start and hung around slightly higher until about 10:15 or so when we started a decline that just ate away at prices until we were down about 65 on the Dow. By the time the Fed’s Beige Book came out we had already spent 2 hours consolidating before starting back up. As has been the case for 50 days running, we did not move 1% again.
The market internals today were about 1.25:1 for the volume and 3:2 for the A/D line. The Dow and S&P had small losses, while the NASDAQ was up and closed at another new high.
The long-awaited release of the IPhone 7 and any other product surprises took place and it went pretty much as I mentioned last night. The stock did nothing of substance moving from up at the open and then down and sideways while everyone listened and complained about how little was both new and meaningful. The biggest complaints centered on the need for wireless headphones and the fact that you can’t charge through the “Lightening” port while charging the phone.
And then both the call and the program ended; the stock started to lift and our long on the AAPL 9/108 calls @ $1.01 went right along with it. The low was $ .83 and in 35 minutes they were $1.60. They closed $1.50.
The Gold had a small pullback but the GLD calls from $ .97 closed @ $2.61. Tomorrow’s another day and these daily internals and the strength of the market to move off the lows is impressive…And they will stay that way, right up until they don’t. To use an old expression I’ve used before, “They don’t ring a bell at the top or bottom. CAM
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