On Tuesday, the market made an attempt to bounce. But, it turned down again on Wednesday and gave back all of the gains. In my Market Forecast this weekend, we discussed the support levels at 1260 for SPX and 2600 for Nasdaq. Both of these levels were tested today. Needless to day, since we were mostly in cash after cashing out our puts on Tuesday, it was just as easy to get back in. Yesterday, we did an intraday double on APKT puts:
- June 15, 2011
Today, we scored big, +268%, on NFLX puts! (click Here to see the Trades and Learn the Pattern).
Agriculture stocks were hanging on; but, in the past two days, they finally got dragged down by the market: CF -3.79%, MOS -4.48%, AGU -1.91%, POT -3.63%.
After market, RIMM delivered a terrible quarterly report, missing the revenue estimates and slashing its whole-year outlook. Its shares plunged 14.35% this evening. AAPL bounced a bit higher, after trading below $320 intraday today!
The Dow closed up +64.25 points; SPX eked out a gain of +2.22 points; Nasdaq fell 7.76 points:
GDX (gold miners) fell 2.41%, as discussed in the Sector Watch. XME (metals and mining) fell 1.76%. SOXX (semiconductors) fell 1.15%.
SPX eked out a gain of +2.22 points to close at 1267.64. It tested 1260 today. Its MACD slid.
Nasdaq fell 7.76 points to close at 2623.7. It went below 2600 intraday. Its MACD was lower.
Not only did the market indices went down to test their support levels today, VIX popped above 24! A close above 24 would fill the gap created back in March. Some buyers (or buying programs) came in after VIX went above 24 today and drove the market back in the green for the close. Are we done selling? Probably not. Can we use another bounce? Likely yes! It’s going to be a volatile day tomorrow as it’s the last trading day for June monthly options. But, we’ll likely end little changed again. Good day to take things easy tomorrow. If you’re in the mood to do some quick intraday trades, come in the Trading Room!
Good night and HappyTrading! ™