11:30 am (Hawaii) This is the kind of session that would have a grizzled old trader taking occasional smoke breaks, leaning against the wall of an aging walk-up, peering at the empty parking lots across the street, contemplating the taste of a fine Scotch brandy on his taste buds.
It was that kind of a day, it seems. I got up around 8 am Hawaii time (2 pm Eastern) after a tiring Sunday to see the market teetering on low volume. Then AAPL nosedived from 353 to 350 in minutes. QID zoomed. I thought about a quick trade in QID, but it was already at 52.50 by then. It moved up close to 53 before the close and is now at 52.82 afterhours.
End-of-month window dressing is coming, but that's not for another day or two (or three), so I'm guessing the hedgies bailed out late today, looking for cheaper prices later in the week. Then it'll be a rush to get back into AAPL, NFLX, etc.
LULU took off like crazy, gaining 10.1% to 86.59 as the indices all fell into the red. Lululemon Athletica announced a 2-for-1 split, which is nice. It's a great move in anticipation of a market breakdown, which could happen if there's no QE3. Other gainers were EGPT (+3.3 to 15.97), NFLX (+3.2% to 237.30) and China coal play YZC (+2.6% to 33.52). CLNE, PSUN, TVIX and OPEN were other gainers on my watch list, which is overall 37% green and 63% red in AH.
Silver took a beating today: EXK (-3.1% to 9.00), PAAS (-2.5% to 36.28), SLW (-2.2% to 42.82). UCO also got slammed (-3.1% to 54.14). Another crude oil play, refiner WNR (-1.4% to 16.79), was red.
Volume is thin ice and there are a lot of elephants still out there skating under a hot sun. One small fart and the stampede could kick in. I'm 100% cash and watching from far away with a magnificent telescope.
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