I'm about to head out on a boating trip on the lake, so I'll be quiet for the rest of the trading day. (I piloted a boat for the first time in my life a few days ago, and we all made it back alive; I started the trip as Commodore Knight, but after I got pretty lost getting us back home, I demoted myself to Captain).
This morning's rise in equities is both expected and healthy. This intraday graph on the S&P 500 speaks for itself.
I'm a little surprised at how brief the rise in gold and oil was, although I'm not necessarily saying this brief micro-rally is the end of it. I took profits on my GLD calls early this morning, but I've got a number of oil calls still in place. Their stops are tight, set at yesterday's highs. It wouldn't take much to boink me out of those positions if oil doesn't get its footing.
See you after the close!
