1:15pm (EST)
The market seemed like it was on hold as we awaited word on what President Obama had to say. He was brief and really didn’t say anything new in his two minute address. The Dow had been slightly up and held steady after Obama’s update and is currently up 14 points to 10,300.
Although the Dow is enjoying a slight gain, the S&P 500 and Nasdaq are lower. The S&P 500 is off by 2 points to 1,089 while the Nasdaq has slipped 6 points to 2,167.
In economic news, the Commerce Department said wholesale inventories rose 0.3% in October. Wall Street had expected a 0.5% drop. Businesses added to inventories at the wholesale level in October after a record 13 straight months of reductions which was a good sign for the bulls.
Amazon.com (AMZN, $130.80, down $3.31) is off down over 2% after touching a high of $143 last week. We mentioned how this has been a favorite “Black Friday” trade but we missed the boat as we were a little leery heading into the weekend. If you recall, that was the day the market got the Dubai news and tanked. We aren’t quite sure if the rally is over in the shares but they could be setting us up for a nice strangle option trade…
We have updated our current trades again today. Current subscribers, please check the Members Area for the updates.
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