Today's trading action deserves an ESPN like Recap.
He throws it deep, he makes an incredible catch..... wait..... it's ruled incomplete by the official.
Today's recovery off the lows? same result... incomplete. The official judging the action today was none other than the ECB. No funding for you! Will it be the correct call? Unfortunately in this game of asset price manipulation and currency devaluation, there is no instant reply.
It appears the stench from Greece, like a rotting sewage pipe, will continue to linger on, with nary a plumber in sight. I'm not sure you want to be long the market when the pipe bursts.
Today's trading action mirrored much of 2015. Big price swings, weakness, strength, and then a spike lower. Ultimately it is a market you don't want to be too long or too short.
Individual names continue to work and I have aptly dubbed 2015 the Year of the Stock. $DIS up over 8% on top of yesterdays gains. $TWTR soaring over $40. $CMG down 7%. $CAT dropping over 2%.
Despite exiting my $DIS position yesterday for over 100% and missing out on an additional 800% return, it was great to see others hitting paydirt. $TWTR is also working out well from the Monday $38.50 call entry.
$YHOO calls from earlier this week have dropped over 75% and do not look promising. As much as I would like every trade to work out, some just don't go your way. I think $YHOO will fill the gap down from last week, it's just a matter of time.
Earnings really heat up tomorrow after the bell. I have some $GPRO $58 calls. I think the stock will see a large move tomorrow. 15% either way and I may add a far OTM put to hedge my calls.
$SPY while I was looking for consildation, we ended up with another rejection of trendline resistance, which is something I highlighted in last nights quick update. The odds increased for a move down to test support again. Again amid this backdrop I think individual names will work for upside and I won't throw calls to the curb. But trading pull backs in the one's that have rallied the sharpest, like a $HD, might be the best way to trade it.
Have a great night, I will see you in the chat room tomorrow morning. It should be an interesting over night session and another volatile trading day tomorrow.