Okie Dokie

Ok we got a nice rally today. A few things to make note of: firstly tomorrow is FED rate announcement and we usually have an upward bias into FED announcements. Secondly, volume was on the light side and as most of you know price needs to be backed by volume. Thirdly, I would love a gap up tomorrow and maybe a push into S&P 1000 as this should provide some resistance. I am still thinking here that we will see 755 on the S&P before the year is up. Fourthly, tomorrow if we are up into that 11:00 time I would not be surprised if we sell off as most traders will sell the news on the FED announcement.
Fifth, we have a few gaps on the charts in the indices above and if they want to push us higher I expect those gap to get filled before the turn us down.

Is this a one day wonder like two week ago? Who knows but this week should be tricky with the election next week and most looking to see how the polls look over the weekend. I don't see us rallying very far and upside will be limited I think to the upside of DOW 10,300 and around S&P 1050 if they really push us. I would love to see 1050 on the S&P as this would provide a nice low risk short after the elections.

Nice move

Nice move here into the close by the market BUT volume is extremely light. Can we say turnaround tuesday again. Tomorrow is the FED annoucement and we should get some movement on that.

TRADE CALL : GOOG PUTS (GGD XT)

Ok RISKY play here but I am playing this 1/2 size and maybe add if better prices hit.

Thinking here is that Google looks weak and should test it lower band once again so I am playing the DEC 08 puts on it.


GGD XT @19.30. It is expensive so play lightly

Low Volume

We are trading on very very low volume here folks. I am not pushing it because of that fact and volume might not return fully till next week after the election. Also some futures firm including mine raised margin requirement which might contribute to the low volume. Lets see how that plays out in the coming days.

Glad I was finished trading in the first hour today. Just not worth it out there right now.

STAY NIMBLE

GS

Poor Goldman Sachs going back to that $75 area. Rumors outs that they were short VW stock which went up huge in the past week.

Tuesday

Well we gapped up over 350 points but we are much lower now. Consumer Confidence number came out and it was the lowest ever recorded. We looking wishy washy here I am basically sitting on my hands right here