Friday, July 20, 2007


Dow down 149 , Nasdaq down 32 , S&P down 19. Need I say more ?
The markets came unglued today as poor earnings from GOOG CAT MSFT set the tone. An attempt at a rally was quashed in the last hour of trading as sellers continued to dominate. There was an obvious attempt to drive the S&P 500 down as an ungodly amount of S&P 1550 July puts were in play. With option expiration this decline came as no surprise. Next week will be interesting. Will the Dow be able to reclaim to 14,000 level and will the S&P be able to break past 1550 ?

As I expected, SNDK sold off its gap today. I closed out my position early as my year end price target of $60 was met.

AAPL was one of the few bright spots today as analysts upgraded price targets to $200 for this stock.

Gold and Silver continue to do well and outperform the overall markets. Financials remain weak led by GS MER BSC MS JPM C BAC . If financials remain weak,its hard to believe this rally can continue.

1 comment:

JJ2000426 said...
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