Obviously the job report is not too bad and things are improving in the job market. The market reacted positively.
Both CHN and LFC went up more than 3%. SOHU closed up at 29.05; Mar 30 C is selling at 2.40 now. ACH went up 9.2% today!
SOHU
Long SOHU Mar 30 C @2.30. This is a play at major support level. If the support around 28 holds up, SOHU will move back into lower 30s.
Tomorrow is the first day BOX opens for trading. I hope the stupid cancellation fees charged by all current option exchanges will be forced to be removed due to increasing competition. There’s another stupid rule in option trading, that is, you can not have 100% electronic transaction. Up to now, all exchanges require at least somewhere during the order entry process, a human involvement must be present.
Waiting to see job reports tomorrow.
China Stocks took big hit …
LFC took a big hit as its predecessor was found with accounting irregularities. It dropped $2.13 or 7.4%. Other China stocks was also impacted. Increased my LFC position. Also bought CHN. Looking for opp. to buy HNP again.
SUNW went down to 5.12. It needs to stay above 5 level to keep previous uptrend. Otherwise, we shall see it back to 4-4.5 level.
ES
I hit my head when missing the spike 1131 to 1136! It happened seconds after closing a long position. After lunch, a short worked ok although the target was set at 1135 missing half of the plunge. Oh well, I was not watching the market anyway.
Increaded LFC position. It’s moving down lately. Likely it may find support at 25, its IPO price.
Closed SUNW position. I may reopn it when it breaks out or continues building base around 5.5 level.
GDP Growth and Rate Hike …
This morning GDP growth rate was published. It’s lower than expected. Considering the Feds comment on the future rate hike earlier this week, this lower than expected GDP number may ease some concerns on the feds. So we may see mkt going higher later today. S&P did reverse itself at 1120 support.