Mid Day Trading Update – Market Is Not Done Yet
After a slight fakeout in the morning where the indexes went negative, we’re now surprisingly close to our all-time highs on the S&P. We’ve seen a lot of bounces in stocks that have gotten beaten down as of late, namely the Financials sector. Tech stocks like Netflix (NASDAQ: NFLX), Google (NASDAQ: GOOG), Amazon (NASDAQ: AMZN) & LinkedIN (NYSE: LNKD) are all performing well today. The one sector that has been squarely in the red today is the Credit Card sector. Mastercard (NYSE: MA) & Visa (NYSE: V) are down significantly and on such a bullish day it does cause some concern.
2 hours left until the markets close and we are holding $157 on the SPY. This means the likelihood of us hitting those all-time highs is pretty high. The gap down off that jobs number was simply a set up to shake out the weak longs apparently. The one strange dynamic though that is taking place in this environment is that longs aren’t working as clean. To make money even on the long side when the markets are this strong is not easy. This is really throwing off intraday traders looking for the alpha to play day in and day out. As the confusion sets in, options pricing is getting shaky as well. This makes it harder to hold options through all the wild moves in the SPY all day.
Also Gold & Silver are up a decent amount today which further adds to the nonsense.
Make sure you register for the webinar tonight to go over our big trade in LinkedIN last week!
Stay tuned for further updates!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.