The stock market gyrated between gains and losses today. At the end of the session the $SPY found itself smack in the middle of the days range. It was a not too hot, not too cold, type of a day.
$SINA rallied as the CEO did what every investor wished their CEO did, he bought back almost 1/2 a BILLION $$ of the company stock. The stock rallied 23% and the stock options were up, in some cases, a few thousand percent.
$SINA wasn't the only stock turning penny options into dollars.
On May 22nd, Fed Chair Janet Yellen explicitly stated that an interest rate hike at some point this year is appropriate. Since then, the majority of good economic reports have led to market selloffs and most of the bad ones have led to market rallies (oddly enough). Investors are itching to see if that means there will be a rate hike in June, September, or December. Meanwhile, they are doing everything they can to squeeze the last breath out of this bull market, as they expect the market to collapse as soon as the first hike occurs.
