I offer this up as a superb example of “filling the gap”. GOGO rallied mightily from its lows, but the moment the gap was closed (with literally two pennies to spare), it reversed hard.
I like ’em both – – the closer they get to the gap, the safer they are as shorts.
It’s more than a little puzzling to me that interest rates are dropping, but financials are strengthening – – – of course, in this market, it seems everything is required to go up, logic be damned, so who am I to argue? In any case, the horizontal I’ve highlighted below is Custer’s Land Stand for the important broker/dealer index.
Apple delighted its shareholders with a strong earnings report last night, and its strength was an important element of equity elevation this morning. (As I mentioned on Tastytrade yesterday before the close, I wimped out of my Apple position and covered my short at a profit; good thing, too.) The gap from last quarter’s tumble has now been sealed up, and AAPL, while still up, has been slipping from its opening strength.