Mid Day Trading Update – Fiends For The Internet

We haven't come anywhere close to seeing a second internet bubble and this phenomenon can be seen by simply watching how the major internet stocks have been performing recently. After the market experienced a considerable sell-off during the month of June, these internet names seem not to care. Google GOOG, Priceline PCLN, AmazonAMZN, NetflixNFLX, LinkedIN LNKD are all examples of names that continue to laugh in the face of the bear market enthusiasts.

Most of the gains on the broad indexes came from the morning session with a push from the ISM numbers that came out at 10 AM. Since then, we've been in a state of chop but the bullish sentiment remains in many single names & sectors.

Gold (GLD) bounced nicely after 11 AM providing some scalp opportunities in some of the weekly options. Options pricing has been slightly difficult today considering people are still trying to figure out time premiums as we have a half-day and holiday this week.

Weekly call option activity has been heavy on some of the names mentioned above, specifically Apple AAPL & Netflix. The dollar potential here has been quite ridiculous and a big congrats to those who were able to buy and hold.

Stay tuned for more updates!