Another failed rally, though the market closed well off it lows. Yet another day when a relatively big decline (-1.4% on SPY) seems like a good day because it closes well above the lows.
As I wrote a couple of days ago, sometimes it takes two failed rallies for bulls to throw in the towel and the third rally is the one that finds some footing. I don't like to trade fast markets, and today was another fast moving market. We'll see how the next rally attempt unfolds and I may try to play it, though as always it will likely be a small hedged bet.
Gold has seen a good run, though I remain reluctant to try and trade it.
Positions: long BUD (short August puts)
short RIMM (short July calls)
No comments:
Post a Comment