It was another volatile day! The market started out on a down beat, but, dip-buyers came in once again. However, in the afternoon, the selling resumed. We were able to find good trades on both sides of the fence once again! We took a quick trade on AAPL calls as it tried to come up to test $460 again. Then, as selling resumed, we traded puts on GS:
ORCL fell almost 10% today after last night’s disappointing earnings report. After the market, TIBX tumbled more than 15% as its quarterly profit fell more than 50%! NKE popped +8.43% on a strong quarter.
The Dow was down 90.24 points; SPX fell 12.91 points; Nasdaq dropped 31.59 points:
Most sectors were weak today. GLD (gold) and SLV (silver) experienced some buying. GDX (gold miners) popped +2.62%, which we discussed in the Sector Watch for the week.
SPX fell 12.91 points to close at 1545.8. It closed below its 10-day MA. The MACD went lower.
Nasdaq dropped 31.59 points to close at 3222.6. It also closed below its 10-day MA.
It feels like this market is looking for excuses to take profits. Even though jobs report and housing data were solid this morning, stocks still went lower. But, SPX managed to stay above 1540. Dip-buyers are still buying. It seems this market may need a few more days to consolidate. Tomorrow is options expiration day, so, we’ll probably see more volatile trading. But, things may be range-bound. It’ll likely be a stock-picking environment. Not a bad day to take a rest!
Good night and HappyTrading! ™