Market Update 12:10pm ET
Volume is higher than last Friday, but still a bit below the 6 month average. Decliners are topping advancers around 3.5:1 ratio. There will be some short covering from this morning, but a strong rally into the afternoon may be off the table. I don’t have a crystal ball, but this weakness looks like it may hang around. The VIX is up from last week, but the dollar can’t sustain a rally. Maybe Pfizer can come up with a "little blue pill" for the greenback.
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I have posted before that I listen to Bloomberg radio in the background during the day. Everyone they interview today starts out by saying “what investors are missing here is…” Personally, I am not missing anything as this is probably going to be the best trading day I have had since I started doing this a year ago. VIVA THE PUT OPTION!!!
nice touch Lisa
The US dollar may continue to firm if Treasury yields increase. IMHO this is likely and will cause a selloff in commodities over the next week.
Jim -
I had the same idea a few weeks ago and tried a short position on POT that didn’t work out. Every time I think these commodities will selloff they keep coming back. I still think you are correct, but be careful…the commodities are stubborn.
I took profits in 1/3 of the QTWW position that I bought on Friday at $2.40 (this trade posted on RT site on Friday). Today it had a nice 6.5% pop up to $2.60. I am keeping the other 2/3 of the position, but have moved the stop up to $2.40 to guarantee breakeven. If it runs now…it is all house money. Lots of accumulation (but riskier trade).
My only other position, DUG…is down just a few pennies today.. The setup there is looking stronger (but trading against oil producers is quite dicey).
Dave,
Nice work on QTWW.
Great move for the stock on a red
Naz day.
Almost purchased Friday in AH.
Noel
Thanks, Noel.
I generally don’t like buying stocks under $5 because they are too volatile for me, but I couldn’t pass up a flyer on QTWW. I don’t have a large position, but what the heck. Like you said….the NAZ was down…
Here’s what burns me. I make of list of stocks each night that interest me (watch list). Other than QTWW, the other stock I “almost” purchased on Friday was ROYL. Well, I didn’t buy ROYL because it looked a bit extended. ROYL was up 50% today!!! From $6 to $9. Of course I am not going to buy it now. All I can do is sit and shake my head…….