Well, as usual, we had another day of large point swings on the DOW. It seems like these kind of days are becoming more and more frequent. Still, we managed to end the day up which was great for my index call positions I mentioned earlier in the day (note I made them at virtually the lows of the day). From the chart, the S&P seemed to successfully re-test its previous low. I would expect the markets to slowly start moving higher given the relatively "okay" CPI data and GOOG's strong earnings after the close. But, we could see some resistance from Fib retracement levels.
I have been very bearish on oil for a while now, yet I didn't hang on to my puts as long as I should have. Oil pushed below $70 a barrel today which I pretty significant. It feels like just yesterday it was at the $140 level and everyone was going crazy about buying oil stocks; that faded quickly though didn't it? However, at these levels its logical for crude to climb back to at least $90 a barrel before resuming the fall. OIH is my ride up for now. See you tomorrow morning!
