Didn’t hold 11,000 that time did we?
And we are still not getting the kind of big volume plunge we need to signal a clear bottom. The markets were literally saved by the bell today and I am not getting my hopes up for tomorrow.
The very ugly turn of the S&P below the 200 dma at 3pm was about as bad as it gets:
http://finance.yahoo.com/q/bc?s=%5EGSPC&t=1d
I must say that the selling at the end of the day seemed like a very, very large program selling a broad base of stocks but that just might be me being an optimist…
Oil plunged and what is different this week is that no one is stepping in and saving it at the end of each day. Demand is off and the rats are abandoning ship but we are still one crisis away from a big bounce so be very careful out there.
Gold is flattening which is one of the reasons I think the Iran deal has played itself out from a fear perspective but we will have to see what tomorrow will bring.
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VLO gave a nice clear sell signal on the oil report and both our picks did very well but a monkey with a dartboard could have shorted oil today!
OII gave us a nice entry and the Jul $75 puts jumped to $4 (up 20%) on a 4% drop.
BHI was even better with a 5% drop that moved the $85 puts way into the money at $4.60 (up 185%).
JOSB actually went up today but then posted rotten earnings and got killed in the AH.
VOD had a good day and the $22.50s are in the money but still at .55.
GOOG topped out right at $394
Some other notable movers today:
HPQ was flat today.
PFE was flat.
CME made 1%.
BA made a point.
SHLD added a point.
