The market slumped at the open after seeing a drop in the consumer confidence. However, the market rallied back after the first hour of trading. Gold spiked up after trading also down initially and ended near $1310/ounce! Gold miners went higher as well: GOLD +2.54%, AEM +2.5%, RGLD +2.9%. Some recent leaders such as AAPL and NFLX saw some profit-taking: AAPL -1.48%, NFLX -1.9%, CRM -1.94%.
Yesterday, we cashed out on some of our winners, including a +100% win on GOOG:
08:14 | HappyTrading GOOG ($533.00) Sold to Close 1001C520 Oct 520 calls, at $15.00 +88%
07:34 | HappyTrading MELI ($76.20) Sold to Close 10C72.5 Oct 73 calls, at $5.00 +25%
07:19 | HappyTrading AMZN ($158.50) Sold to Close 1001C155 Oct 155 calls, at $5.25 +12%
07:07 | HappyTrading GOOG ($534.00) Sold to Close 1001C520 Oct 520 calls, at $16.00 +100%
The Dow ended up +46.1 points; SPX added +5.54 points; Nasdaq gained +9.82 points:
GLD (gold) and SLV (silver) recorded new all-time highs. GDX (gold miners) jumped +2.39%. SOXX (semiconducotrs) led the techs witha +1.65% rise. OIH (oil services) added +1.31%, although USO (oil) closed in the red. XLF (financials) barely closed in the green. FXI (Chinese ADRs) slid slightly.
Although the market bounced back up today, financials are still not seeing much strength. VIX still remained above 22. There's not much conviction in either direction right now as some people are locking in recent profits, while others still don't seem to believe in the Sept rally. Energy stocks are mostly trading sideways, and the financials are still not seeing much strength. While the bounce from morning lows was impressive today, we may need to see some stronger economic data to move higher.