Friday, November 4, 2011

WTF, no real 'shocking' Euronews today?!

Well, thank God for that...

First Friday of the month, so time for the non-farm payrolls. The number was kind of disapointing, but the unemployment rate was a little better than expected.

After the usual volatility, market dropped about 20 points. From there on, price went slowly up. But after lunch, it all speeded up and volume came in. A nice little rally followed that led us above the morning highs. We started basing at that level and it first seemed the gap with yesterday's close would get filled, but before the last hour started, indices turned lower. But the intraday trendline held and the bulls attacked the highs of the day again in the last 15 minutes of trading. Without success though, but a close in the higher part of today's trading range is not bad, also thanks to a crazy last 20 minutes (see chart below).

5m-chart SPY:

Daily charts DIA, QQQ and SMH (the latter outperforming today):

Gold, silver and copper were dropping, together with the market. Oil a small winner.

I covered yesterday's trade early in the session, out last 1/4th SPY just under breakeven and a $76 gain on the option.

I tried a long position in SPY when it based under 124.65 (see chart above, green arrow for entry, red = exit). No conviction in the move, volume eventually was ok but than lacked. Out just above breakeven.
Unfortunately, I missed the small rally later on.

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