Tag Archive for 'Gold'

AAPL sauce

Earlier this evening, news broke that Steve Jobs is stepping down as CEO of AAPL. It looks like he’ll stay on as chairman, but the stock sold off hard afterhours. It will be interesting to watch this over the next couple of days.

Indexes had a lacksidasical opening and chopped around breakeven until the last hour, when a push put them solidly in the plus column. Volume was less than impressive.

Gold bugs were squashed as margin calls went out on the biggest gold drop since 2008, sending the gold bugs scurrying for cash. Buyers of gold last week or even yesterday, are hurting today…bitch-slapped more like it!

Is it Friday yet? With only 2 days remaining until the highly anticipated Jackson Hole speech, it seems that investors have grown weary of waiting. Is everyone expecting a QE3 type speech?

Oh No! Not Again!

I woke up this morning with futures already down 2%+….shades of the last 2 weeks. Of course, it is OpEx week and that’s what is supposed to happen. I’m just surprised at the size of the range.

Europe is still the biggest pain in the news…so until that is resolved…or something else comes along, we will have to listen to this crap….and trade through it!

I live in my own little world. But it’s OK. They know me here.

This should be interesting…

After a 400 point range in the Dow, it ended up only 60 points. All the other indexes closed in the red. WTF?

Friday looked like massive margin calls and forced liquidations after the big run down on Thursday. Rumors began to circulate during the day that S&P was going to do what it finally did after hours…downgrade US debt. If the S&P knocked down the US debt, don’t they also knock down the holders of that debt?

Here’s the remaining countries with a triple A rating: Austria, Canada, Denmark, Finland, France, Germany, Luxembourg, Norway, Singapore, Sweden, Switzerland, and United Kingdom. How far can they go with having “superior” debt? Buffett Says Cutting U.S. Rating Was Mistake, Sees No Recession.

The first reaction I had (as if anyone cared) is pass off all the US “peace-keeping” duties to these countries and let them take care of “us.” And quit “loaning” money to other countries. And quit giving money to people that haven’t put any money into the pot (read as welfare) …freeloaders! Sorry, I digress.

Here’s the S&P Ratings Report http://stk.ly/nzkwsU. Interesting reading.

Ok, back to trading. I’m definitely going to tread lightly. Futures this evening gapped down big…ES down 35 points, Dow down 325 pts. They have recovered about a third since the 6PM open. I’ve put bonds and the VIX on my short list via TBT calls and VIX puts. The metals may be a good short also via DZZ and ZSL, but I’ll put them in second place because I’ve been burned by them before.

Although only the Globex is open, Asia markets should open soon…and so far, it’s a pretty tame open for the past 2 hours. Maybe this was all baked in the previous two weeks?

Good luck on Monday and thanks for reading.

P.S. Just remember, if the Dow falls more than 30 percent (3600 pts), the market will close! Don’t think we get there, but keep it in mind?

AAPL-tini

Appletinis all around! Woot, woot! Smash that glass against the markets…what a killer report AAPL came out with afterhours on Tuesday. Will today’s climb continue on Wednesday?

The markets ignored lousy reports from GS and BAC. The bulls wanted to run and nothing was going to stop them. They were fueled not only from IBM’s good report last night, but also very encouraging housing data this morning. And there’s more Home Sales news on Wednesday morning. Gold did sneak back under 1600…maybe a little farther down? And don’t forget silver.

Thinking it’s time for some slow grinding up…or maybe some down…or maybe just some consolidation. We are getting into the “meat” of the summer season. Got to get those vacations done before the kids have to get back to school. Everyday an adventure. That’s why we trade!

Goldfinger!

Gold finally makes it over $1600 mark…now to see if it continues up from here. The markets went in the other direction with gusto. The NYSE Advance/Decline volume was over -10:1 for the bears. The S&P and the Dow, did recover half of its morning losses by the end of the day. The Nasdaq looked strong in the afternoon…maybe in anticipation of IBM earnings…but there was no stopping AAPL! Wow if really took off.

Still a very crazy market…up and down. Remember,

Better to be in cash wishing you were in the market than to be in the market wishing you were in cash!

Be careful out there.

Dive, dive, dive!

Well, volume was up, oil was down…as were all the markets…way down! I switched from USO puts to USO calls. There’s got to be some sort of bounce here. TBT continues to move down, down, down. Yes, I was stopped out, but am looking to re-enter. Cashed out of DZZ and ZSL….big winners.

Oil really popped those stops today! And brokers were on the phone making margin calls all day long! Along with gold, silver and all commodities. Do you think speculators have cashed out yet?

More jobs data tomorrow….the big one…monthly BLS employment. This could really shape the market tomorrow. If it’s good, market should be happy and go up. If it’s bad, market should go up because QE3 is on its way!

Back to work…maybe

After an ugly Monday, good earnings reports propped up the market for the rest of the shortened week. The last few Mondays have been downers…will this Monday be different?

The U.S. Dollar continues to dig a deeper and deeper hole, catching a 73-handle early this evening. Lots of markets still to open over the next 12 hours, but S&P futures are moving up along with silver, gold and oil. Anybody thinking in terms of “bubble.”

Sure would like to see the banks/financials pick up a bit…Can’t go too far without them.

I’m carrying a light load this week as I’m on jury duty call, not knowing when my number comes up. So I may only do some futures scalping in the evenings and early mornings….gotta make some lunch money because the county sure isn’t going to pick up the tab!

Gold, silver and oil, oh my!

I awoke today, went to my screens and thought, “boy, I’m early again!” I went a little long near the close yesterday and futures were down big this morning. I took advantage of the situation and closed out all my short positions but one SDS call contract. On the other hand, I did not add to any of my long positions. I’m waiting for Friday to do that.

The big story today was oil, gold and silver and how they reacted to a rumor of Gaddafi being shot. They each tanked hard. So, was the market happy about the supposed shooting or just happy that oil was falling?

GDP and Consumer Sentiment on Friday. This week is turning out to be the heaviest volume of this year and I’m sure Friday will not disappoint.
Big volume this week
Of course there are only 4 days in this week. Also notice that we haven’t broken down underneath the upward trendline going back to last September. 8)

As for the current market he described it as “grinding every day.” But “underneath stocks are exploding, and everything I’m seeing today looks bullish,” he said. “I’m not going to get negative just for the sake of being negative.” He added that it was a strong January and while there’s the potential for dislocation over summer when QE2 ends but that this is shaping up to be “a typically classic year” for the market.– Steve Cohen

Volatile?

While the market was quite sedate today, there was a lot of activity at the credit card companies: V MA DFS AXP and, not as volatile but the banks are affected also. While I was not in any of those stocks, I did buy some V calls near the close because I thought this was quite an over-reaction. Here’s another wrapup from WSJ: Fed’s New Debit-Card Fee Rules Hit Hard; Issuers Howl .

It was a mixed day for me…making some good money on the GLD puts but getting stopped out of QID….may re-enter both of those next week. The rest of my positions are hanging in there.

Not much in the newsfront for Friday…no overseas news and the only U.S news is Leading Indicators at 10AM EST. I’m real interested in seeing what V and MA do on Friday. Of course, OpEx may keep traders on the toes, but the last couple of OpEx’s have been fairly low volume. I’m looking for an up day on Friday, 20 of the last 28 December OpEx days have been up, so we’ll see if it follows the trend. If history repeats itself, Friday will be up and Monday will be down. Hang in there… 8O

“President Obama is reportedly trying to quit smoking, but he can’t get the 60 votes in the Senate to make it happen.” – Jay Leno

Finally!

After playing the short side for over a week, payoff finally arrived! After a small up move after the open, it was basically all downhill after that, closing near the lows of the day. I’m looking for some more downside on Thursday, but the question is if this is a correction or just some OpEx shennanigans? While I think a corection is on order, I also don’t think that this is it…yet.

After adding some today, I have a full position in QID now, along with SPY puts, YHOO puts, GLD puts and UUP calls…all in the green. My only red position is IWM puts which was the first position that I shorted last week and was probably a bit too early. But a little bit more market downside and I may at least get back to breakeven. Oh well, they aren’t all winners. :oops:

Futures are down slightly this evening but not with any enthusiasm. Housing Starts and Jobless Claims Thursday morning may set the tone for the day. Remember, options expiration is designed to take as much money from as many people as money managers can. So expect some wild gyrations!

“The tax cut deal means tax cuts for the rich and benefits for the unemployed. If you work for a living, you’re screwed.” – Jay Leno