Today we started a little flat after the futures rallied from down last night to unchanged before our open in New York. We spent most of the day in rally mode and never came any closer to yesterday’s lows than the open. A couple of times we tried to go negative and I day traded the SPY puts for a small loss of $ .22.
The internals continued to show strength with the volume closing out the day at 6:1 up and the stocks coming in at 3:1 up. We now have had 3 100+ range day this week, so clearly volatility has returned. I would expect this to be the case until at least the Fed decision on Wednesday. Some of the standard relationships are out of whack. Oil was up as was the US$ and stocks, while Gold was lower with miners higher. I would expect things to calm down after the announcement (after the initial wrong way reaction).
No trades for tonight. Use the texting service for intraday new ideas…CAM
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