If we gap down tomorrow morning looks for some support @ 960 on the S&P. Should be a decent spot to bounce from the impulse of yesterday.
Also on stock to look at here is MS. Strong resistance here @$25, should be a short closer there.
Tuesday, October 14, 2008
Got to love it
Got to love this market, the swings are huge intraday but I must warn you the trend is still down. Today I did expect us to pull in after having such a huge up day yesterday, the gap up was a give away to short and it played out well. The financials got some selling today after the gap up and I think we will soon start the selling there again.
We are now in earnings season and it will be a surprise if earnings blow out to the upside as past quarters. Tech is the place I will be looking at for some earnings to come in lower than expected and surprisingly the staples as the consumer pull back on spending.
I will be sending out some option plays as we head deeper into earnings season. I still expect us to bounce alittle higher.
We are now in earnings season and it will be a surprise if earnings blow out to the upside as past quarters. Tech is the place I will be looking at for some earnings to come in lower than expected and surprisingly the staples as the consumer pull back on spending.
I will be sending out some option plays as we head deeper into earnings season. I still expect us to bounce alittle higher.
TRADE CALL UPDATE: SPY $94 CALLS.
Rolling out of these at OPEN period. They should be up huge over 100%
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