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Intraday Market Commentary From Stifel Nicolaus - September 24
Submitted by Elliot Spar of Stifel Nicolaus
Buyers (real, program, HFT or short covering) are in firm control today. If you came in long, who cares who the buyers are? The SPX has come within 1 point of the early week high but the Nasdaq Comp has gone 8 points above its recent high. Are there divergences? Yes there are, from the VIX holding above its recent low, the BKX still struggling below its 200 day moving average, and the lagging new high list. However, the market can move higher even with those nagging negative divergences but if they persist for too long, they become the market’s Achilles’ heel. If the S&P 500 Cash Index closes above 1150 today or by Monday, celebrate they will on your favorite financial show. Be on the lookout for a possible false breakout. We’ll be monitoring the volatility indexes, put/call ratio and a/d decline data for insight.
INDEX IN FOCUS
PHLX Semi-Conductor Index
SOX 1 343.87 (+ 11.02)
Has finally filled the gap at 341.45, but the down trend is still in place and 200 day moving average is just above 350.50.
UNUSUAL VOLUME
SPDR Gold Trust ETF
GLD 1 126.63 ( + .32)
Large spread trades in Jan. Customer sold Jan 115 and 120 calls and bought 130 calls. Looks like about 16 mil taken off the table while still maintaining a long GLD call position.
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Who cares about semis? The screaming prices in softs means we are all going to starve to death next year. Potatoes, bitches.
you are not a "tough guy". you are a flaming gay just waiting for tonight to put on your dress. anyone who used the term 'bitch' or any derevation thereof is totally lame. especially you.
Great editorial, punk.
f*ck, this guy again?
Anyone see a wedge on AAPL (apple wedge) about to be cored?
Where is Nic Lenoir with his fabulous post from yesterday?
"Buyers (real, program, HFT or short covering) are in firm control today. If you came in long, who cares who the buyers are..."
That about says it all. I woory though about the 'phonie-ness' of this rise. Give me on good reason we are here and not flat to lower on the news this week.
You haven't slept much then. The "phonie-ness" has been around for at least 20 years
because the supply of USD is exploding, along with the other western fiats. Central bank of Japan intervenes (sells yen, buys USD), Brazil's also (sells Reals, buys USD) to keep currency appreciation down to keep export prices level - but that is or will create domestic problems there. I suppose if you denominate share prices in ounces of gold you get a different picture of the market, one that makes more sense.
Where is Nic Lenoir with his fabulous post from yesterday?
not a problem folks, shorting from here or from much higher, good for me, I am talking about those kind of events not even benjie or hft's or anyone else can control, that's my SHORT BET! until then let them do what they want, dollar is dead, gold will be soon so, what's all that complaining?! we're all good in lala land! the closer we get to oblivion the better for me and all those in the waiting! I am not impressed and won't be until s&p is craping in it's pants, hehehe!
dollar is dead, GLD will be soon so,
Fixed
Weaker dollar?
Deep thoughts , Professional outlook and Market commentary from an Idiot ( Me) .. Dow up 197.
http://finance.yahoo.com/news/Hedge-Fund-Trade-Of-The-Day-cnbc-305520548...
The GLD option position essentially a double bear spread...
The GLD option position essentially a double bear spread...
I wondered about too. I don't understand how it is maintaining a long position. The 115 and 120 calls are deep ITM and compared to the 130 calls, the delta differenace is huge. Looking at this as an amatuer, if GLD goes to $140 or something, this guy will get killed.
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