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Market Wrap-up May 3

Rollercoaster of a day today and we again traded the spx futures and silver (SLV) well today.  Breakout trades like APKT, HLX, and ZAGG continued to hurt but they seemed to slow somewhat.  

We opened new long positions in GILD and closed all the silver shorts and even went long some into the $40 area with target at $42.  More on this tomorrow.

Harley Davidson (HOG) started sliding lowe again today, benefiting our short position in the stock.

All in all from a technical perspective the most important thing today was that the SPX bounced off $1350 and now of course the question remains whether we go higher again from here or not.  We could envision a lower open tomorrow to shake out some more longs, only to then slowly start moving higher again.

Have a great night

Serge

 

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