S&P 500 Index Holds Key Support Levels & Rallies Off the Lows

Date: 9/12/2011

S&P 500 Index Holds Key Support Levels & Rallies Off the Lows Part 1

S&P 500 Index Holds Key Support Levels & Rallies Off the Lows Part 2

S&P 500 Index Holds Key Support Levels & Rallies Off the Lows Part 3

It was a great day for SMF Options Traders. We were able to get a great entry on the S&P 500 (SPX.X) 1165 September Call Option at $7.55 and an intraday exit at $11.90 for a 57.6% profit!

Wide spread weakness in other asset classes caused for some liquidation in the precious metals today. Despite continued concerns about a possible Greek default, as well as more rumors that Moody's is preparing to downgrade the three largest French banks, gold and silver prices traded steadily lower throughout the session.

Gold prices shed 2.5% to settle at $1813 per ounce, while silver prices dropped 3.4% to end at $40.22 per ounce. Both metals have extended their respective sell-off in afterhours trade, with gold trading to fresh lows at $1804 and silver at $39.75.Crude oil finished up 1.1% at $88.19 per barrel.

Futures rallied in the face of concerns about the state of global indices and the resulting weakness in equity markets. After trading to highs at $88.95 in mid-morning trade, crude oil pulled back toward the $88 level where it closed. Natural gas finished lower by 0.7% at $3.89 per MMBtu.DJ30 -54.15 NASDAQ +0.68 SP500 -11.25 NASDAQ

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