Thursday
July 23, 2015
1-855-RWT-0008
Prepared by the good people at Random Walk, LLC. (and Scott)
Great Morning!
Closing Prices From Yesterday
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Call the office for assistance!
Today’s Number(s)
Yesterday and Today
Yesterday
The market opened down relatively hard in expectation of AAPL getting smacked over the head. When AAPL opened and held 121 (and then bounced) the E-minis, SPX, Nasdaq and Dow followed suit. The major averages closed only moderately lower with the night-time E-minis getting back all their losses from yesterday.
Some beaten down stocks such as BABA actually staged a rally. QCOM announced their earnings and beat by $0.21 but sold off slightly in after hours because of comments about activists involvement in the company. Some say QCOM is the next IBM (not a good analogy) while others (including myself) feel it is undervalued and a potential Chinese acquisition target.
TODAY
Oh how good it feels to only worry about earnings and economic numbers (instead of the rhetoric and nonsense of Greece).
Initial claims at 8:30 is going to be a big focus for the markets given the Fed’s latest comments about likely raising rates this year. This fictitious number will move the markets in all likelihood, but it is nice to see Donald Trump talking about it saying āthe real unemployment rate is probably above 20%ā.
Who knows what will happen today?
The night E-minis are showing a positive open of about 35 points, but that is subject to change with pre-market earnings and economic numbers. I assume that once we get closer to 75% of all stocks having reported earnings the markets will take off to the upside in comfort before falling hard on worries of the rate hike.
OPTION TRADERS
Tuesday the market was down 181 points and the VIX closed down. Yesterday the market was down and the VIX was down. This is strange given that volatility is at low levels right now.
This would have me very nervous about a coming from in the market if it were not for the fact that all call spreads have been pulverized. People have caught on that problems with Greece didn’t see the Dow move much below 18,000. Problems with China saw the Dow fall to 17,500 but bounce right back. Good news and the Dow runs up to 18,100, but then falls.
In short….traders are comfortable selling premium in the Dow 17,500-18,100 range.
POT is held each Wednesday night at 7:00pm eastern.
Too True To Be Funny
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Attorney Stuff
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Trading is almost as much fun as black jack in Vegas, but without all the annoying distractions of free drinks, Broadway shows, gorgeous people with low morals, and free buffets. It also has about the same odds of success, so when you lose all your money you wont have to walk past a smiling pit boss. Even Bruce Wayne lost everything with options in The Dark Knight Rises, and Superman keeps his day job at the Daily Planet newspaper.
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