The Dow gave back 1/3 of yesterday's gain and the Nasdaq and S&P lost about half but the candles were engulfed bullishly and I have decided to stop worrying about volume as it's Summertime and it's sort of normal.
We are waiting for Oracle earnings which is a very silly thing to watch as they are no longer the market maker they once were but old traders think so and they have all the money so we pay attention anyway.
I am alarmed at the movement of rates this week with the 10 and 30 year hitting 5.25ish ahead of next week's Fed meeting. The Yen gained a point against the Dollar today so flat commodity pricing is a sign of weakening there.
I got out of my QQQQ puts this afternoon as I think we may get a little bounce into the weekend but, unfortunately, it will likely be led by the normal energy sector Friday bounce rather than by any new leadership.
GM is telling people things are getting better (only going to lose $1Bn this quarter?) and the lemmings went crazy, driving the stock up 4%.
Google is dumping its 2% BIDU position, knocking 5% off that price and they took a little hit themselves as it had been hoped they would get closer with China's market leader - not have a breakup.
ADBE actually did improve upon its open but the $30s closed at $1.60 (up 165%), only .10 up from the open but the stock continues to look strong.
AAPL had a very strong day going against the grain. The Jan $55s are already $10.90 (up 15%) while the $60s have only gained .35 to $2.85. It is tempting to close this position now and pocket the $1.15 profit in this crazy market but I'm going to hold and possibly roll my sale into the $62.50s if all goes well.
Remember on Tuesday I said I didn't like the McDonald's deal in China? This is what happens to people who wait to read my column by mail!
BBY held up all right as it can't be denied that people are still buying stuff. The $55s are right back where we started at $1.
MOT $20s lost 25% this week to .65 and I will double down at this price tomorrow (unless the market is melting down).
The airlines went up all day on the upgrade and the UAUA $30 puts became a better buy at .90 but I stayed out based on the early strength.