Friday, November 18, 2011

Option expiration - choppy trading

Not much to tell about today. Most of the day was one big chopfest. Most indices created a small inside candle, only Nasdaq broke lower and lagged other indices. Next week should bring more clarity on what direction the market is heading.

5m-chart SPY in the trades section.

Daily charts DIA, QQQ and SMH:

Gold, copper and mainly silver bounced today, as did the euro. Oil on the other hand lost about 1.4%, now at 97.45.

One trade today in SPY. In on break of the downsloping trendline in the morning. Took some gains (1/4 position) almost at the high of the day and out the other 3/4 near breakeven. A tiny gain in this choppy market, but I'll take it. Long SPY 122.41, sold 1/4 @122.73, out 3/4 @122.35.

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