The market was once again, ALL OVER THE PLACE! It gapped lower at the open, as gold and silver jumped. We cashed out on our gold plays early in the morning:
HappyTrading
Posted July 15, 2008 at 7:04 am | Permalink (Edit)
good morning.
AEM ($79.4)
AEMGO, rest out at $5.3
GLD ($97.25)
GLDHP, out at $5.1
might be a early on GLD, since we have Aug’s. AEMs are July’s so, taking the profits are good here for me.
We got +35.8% gain on the AEM trade and +30.7% on GLD. AEMGO closed at $2.05 and GLDHP closed at $4.5.
Then, when VIX hit above 30, things started to bounce. Gold and silver plays slipped lower. I did a quick intraday trade on GS:
HappyTrading
Posted July 15, 2008 at 9:03 am | Permalink (Edit)
GS ($157.3)
GPYHL, Aug 160 calls, bought at $9.1
HappyTrading
Posted July 15, 2008 at 12:03 pm | Permalink (Edit)
GS ($163.5)
GPYHL, locked in profits at $11.8 (likely early)
That was a good trade for a +30% profit in 3 hours, as cheered by one of our members, james:
james
Posted July 15, 2008 at 1:08 pm | Permalink (Edit)
Happy,
Excellent trading on GS!!! I missed your initial buy, and was wary to buy in when it pulled back soon after. Then I just watched in complete admiration as it went up ’till your sell, a mere .20 cents below the day’s high. Incredible.
There were many other great trades by Dragon and BillD but that GS was really fun to watch. Well done.
Thanks james! And, thanks to others for sharing their awesome trades. Those GS options went as high as $12 and closed at $9.2.
The market went all the way into the green. But, was not able to hold on to the gains. The market got weaker in the last hour and slipped into the close. Energy related sectors were mostly lower today. Crude traded down $6.44 to settle below $139/barrel. USO took a plunge, losing 4.33%. UNG also lost 3.77%. High-flying energy plays, such as UPL, CHK, CLR, and HES all ended much lower, tumbling 7.32%, 6.05%, 5.57%, and 6.82%, respectively. On the other hand, the biotechs were very strong today: DNA +5.12%; OSIP +7.56%; AMGN +3.28%; CELG +2.6%.
The Dow closed down 92.65 points (below 11,000); SPX lost 13.39 points; Nasdaq added +2.84 points:
VIX went above 30 today and came back down to close at 28.54. SOX (semiconductors) made a bounce, adding +1.28%. BTK (biotechs) broke out higher gaining +2.91%. XLF (financials) continued to slide, tumbling 3.1%. OIH (oil services) slumped 4.1%. XLE (energy) lost 4.21%. XME (metals and mining) slipped 4.18%. GLD (gold) managed to keep a +0.27% gain while SLV (silver) gave up 1.24%. FXI (Chinese ADRs) fell 3.08%.
SPX
SPX lost 13.39 points to close at 1214.91. Its daily MAs and MACD continued lower.
Nasdaq
Nasdaq added +2.84 points to close at 2215.71. Its daily MAs and MACD slid.
When VIX went above 30 today, we saw some buyers coming in. But, in the last hour, VIX came all the way back to close in the green. Tomorrow, we get the CPI, which probably also contributed to the weakness in the last hour today. USO (oil) fell sharply today. It will have to penetrate below $110 to reverse the long up trend. BTK (biotechs) broke higher today and recaptured its daily upper BB. I think this sector is heading higher from here. XLE (energy) is on its daily lower BB again, and has room to fall some more, which would actually make some of the stronger energy play seem attractive.
After the market, INTC reported good earnings with solid guidance. Its shares went up +1.16% in AH trading. JAVA announced an upbeat, preliminary Q4 forecast and saw its shares jump +12.27%! The market seems to be cheerful on INTC and JAVA’s good news in after-hours. We’ll have to see how the CPI comes in tomorrow morning.
Good night and HappyTrading! ™
