The market gapped up today, but, quickly dove into the red. Bush, in a “symbolic move”, lifted the ban on offshore drilling. This prompted the oil services sector to jump. OIH added +2.28% today, while, among its top holdings, RIG, NOV, and SLB recorded solid gains, +1.75%, +5.38%, and +2.65%, respectively.
The financials were yet again weak, and, put pressure on the overall market. Techs were also weak. Both GOOG and BIDU pushed lower again. This weekend, I started playing with video podcasts. Today during the day, I released an intraday update video podcast on the member board:
Posted July 14, 2008 at 11:03 am | Permalink (Edit)
quick intraday update video:
This video podcast thing is actually kind of fun!
These options closed at $5.7.
Then, we cashed out some profits on AEM:
AEMGO, July 75 calls, at $4.6, +17.9% (partially out)
I think AEM could go higher this week, but, since these are July options, better lock in some profits first. These closed at $4.6 today. After the market, DNA reported earnings that missed the estimates, but, its forecast was above concensus. DNA shares traded +1.41% higher in AH trading. I let go part of my position on DNA as DNA got pushed lower before the report:
Posted July 14, 2008 at 12:52 pm | Permalink (Edit)
itâ€™s hard to call this one. intraday not looking so hot; daily chart still holding bullish formation. Getting driven down pretty hard here. looking to decrease exposure.
We’ll have to see how this trades tomorrow. We do have some time as we have August options. DNA will need to break above $78 to push higher.
The market got weaker in the afternoon. The Dow closed down 45.35 points; SPX lost 11.19 points; and Nasdaq dropped 26.21 points:
VIX went above 29 today again, but, closed at 28.48. INX2 (Internet) slid 1.84%. GDX (gold miners) jumped +4.37%, while GLD (gold) added +0.79% and SLV (silver) gained +1.59%. OIH (oil services) was strong, as mentioned earlier. XME (metals and mining) went up almost +2%. PBW (clean energy) advanced +2.65%. FXI (Chinese ADRs) slipped 0.97%.
VIX went above 29 today, but, still didn’t break 30. We might just need to see it above 30 before the big buyers become more willing to come in and stay in the game. The market is still not seeing any sustainable strength. Gold and silver continue to find buyers rushing in as the financial sector keeps pressure on the equity market. Oil services could now become interesting in the near-term as the drilling ban has been lifted. XLF closed below $18 today with a new leg down. The daily chart looks horrible! But, I do think that the weekly, monthly, and even quarterly charts are showing signs of being oversold! The solar sector is starting to show some strength, so, we’ll monitor it closely.
The market is very volatile right now and swings pretty fast. I think having patience is key, not only for the trades, but, for also for the market as a whole. I’m also trading less, keeping lots of cash. The main thing, to me, is to feel comfortable with my positions. With the market swinging back-and-forth almost every hour, it could get daunting to keep one’s emotions under control. Having fewer positions can help to keep things more manageable.
Good night and HappyTrading! ™