STI was up more than 9% in two days. MS soared 4.5%. Financials once again had the most upside OTM Call buying. BAC is now up more than 13.6% from Pre-JPM-dividend news, while GS and C trade up only slightly higher around 2%.
Will growth will be affected by inflation? Gas prices are at all time highs!
Is China pricing in a hard landing? The Shanghai composite is very close to breaking its 50DMA. Chinese yuan is down more than 3.5% YOY. China reports larger than expected trade deficit numbers. China Trade deficit hit 31.5B. China imports jumped 40% YOY. IF we arent in a Chinese hard look for continued Call buying in FCX,etc. If u think copper prices recover to the 4$
USD gets stronger–>will affect commodity stocks–>help shanghai index.
Apple opened and hit a fresh All Time High at 601.10 in trading on Thursday.We removed Apple from our SOLAR list following more than a 50% profit.
By Greg Zimny