Financial markets around the global fell on Monday as Greece imposed capital controls and shut down banks! US markets were holding up pretty well throughout the morning, down only about 1%. But, as the day went, the selling continued. SPX ended down 2.09% for the day. The Dow fell 1.95%, and Nasdaq tumbled 2.4%.
We were mostly in cash going into the weekend, but, held on to some downside plays. We locked in profits in AMBA puts in the morning for gains as high as +47.8%:
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JUNO popped more than +37% after the market, as CELG takes a stake in the company. CELG will pay $1 billion for 9.1 million shares of JUNO at $93 per share. JUNO traded as high as $80 after market, but, settled at $63.5 this evening, up from the $46.3 close during the regular session. We will look to buy calls on JUNO tomorrow.
Internet stocks let the decline in technology stocks today. Aside from PCLN, GOOG was down 1.91%. AMZN fell 1.88%. LNKD tumbled 5.73%. GS led the banks in their pullback, closing down 2.6%.
At the time of this writing, Asian markets were mixed. China was down again, falling another 3.5%, but, I think buyers may start to show up later.
I think we will see some bounces tomorrow, but, without a clearer picture of what is to come for Greece, buyers may not show conviction.
Good night and HappyTrading! ™