The gap down open this morning bit us again with a couple stops. One was hit by a single penny.

Baker Hughes was stopped out this morning when the stock traded at $35.75 with the low for the day at 35.55. The loss on the option was 30 cents.

Much more frustrating as the stop on GLBL at $9.65. The low for the day was $9.64. One lousy penny and we lost 15-cents on the option before GLBL rebounded to set a new 52-week high intraday.

The Nasdaq stalled right at the 50% retracement level of the bear market drop at 2063. This would be the perfect spot for a failure in September. The S&P hit 1036 intraday and right at the resistance high from late August. Again, this would be the perfect spot for a September failure. If both indexes manage to move just a few points higher it could trigger some new short covering but there was a solid wall at those numbers on Wednesday. I am not adding any new plays until this resistance battle is solved.

Jim Brown



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