David (3)Futures & options trader, B.A. Economics - University of Colorado at Boulder.
StockJock-e (45)Options trader, technical analyst, drinker of microwaved instant coffee.
I thought I would cross post this from the stock market today thread on the boards. The chart I am watching shows possible resistance in the 1195-1205 area, I have no positions here, but will be looking to getting in on SPY Oct puts if we start stalling out in that range. The banks are a good indicator here, if they start sputtering, look to see if the other leading sectors will either pull them along, or follow their lead.
Ballooning Greek debt (yields), hints of a slowing Chinese economy coupled with fiery protests across the world sparked some heavy duty selling early in the week, sending equities to their lowest point of the year. For the week, the DJIA closed up 0.44%, the S&P 500 finished up 0.03%, the NASDAQ lost 1.03% and the Russell 2000 advanced by 0.30%. Weekly average volume at the big board (NYSE) came in above the 4-week average of 4.2B shares, with 4.5B shares being registered for trading this week. Consumer staples, industrial goods and utilities were this week’s best performing sectors with each sector advancing 1.39%, 1.14% and 1.04%, respectively while basic materials, energy and technology were this week’s worst performing sectors with each sector declining 2.02%, 1.92% and 0.96%, respectively.
