Normally the $SPY is a boring, slow, methodical proxy on the S&P 500. But after the massive rally of the last two trading days options on the $SPY are providing some incredibly amazing returns.
Today stocks continued ripping higher with nary a limit order standing in their way. While the FED stated yesterday they will remain patient, investors were anything but patient, and invoked a buying frenzy that concluded in an “inverted flash crash”. The $SPY, an ETF that tracks the S&P 500, hit $212.97 into the close…. a full $5 more than the offer. It’s akin to telling the cashier you’ll happily pay double for a pair of shoes for absolutely no reason. Then again shoes cost $50, these trades were over $200 million. I guess if you are 100% sure the $SPY is going over $213 why buy at the current price…. if that makes any sense (it doesn’t)
$XLE has rallied significantly off its lows. I see a great spot here to take advantage.
$WYNN is down over $100 from the record high the stock hit earlier this year. Macau revenue was down some 20% in November. I think the sell off is overdone for the short term and will look for calls to capitalize on this possible move.
Markets were in rally mode, padding gains after
In this mornings video I cover the recent market move higher. I also look at $FB and $TWTR and where they appear to be headed into 2015. $GOOGL and $AAPL are they going in opposite directions moving forward? Also $FDX, $HD, $WFM to name a few.
Stock futures are up another 1.4% early on this morning after yesterdays massive move higher. Will these gains hold? Are we looking at new record highs before the year is through? Here is what I am reading this morning:
For a few days it looked like Rudolf would not lead Santa’s sleigh this year. Yesterdays trading action, and today’s exuberant follow through is telling investors they have nothing to fear. Those patiently awaiting Santa’s arrival were happy to hear Yellen’s hoof prints on the rooftop yesterday, in a perfectly fitting reason why you never fight the FED.
Patience was today’s safe word. It sent stocks soaring to their best day of the year, and best day since late 2013. Here is what I am reading this evening to celebrate this wonderful day.
A new chapter in Cuba – U.S. relations sent everything Cuba skyrocketing higher, including $CUBA which hit $10 before fading later in the session.