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Cat Tierney
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  • Bears Getting Close 1 comment
    Aug 9, 2013 1:22 PM | about stocks: XON

    Bears Getting Close

    1:15pm (EST)

    It is too early to tell if today's pullback is the start of a continued slide or if the action holds inside the current trading range.

    There have been a few technical hits as the Dow has traded below 15,400 but there is additional support at 15,350 so its too early to go short as the other indexes are holding fort.

    There have been a number of IPO's (initial public offerings) today and over the past few weeks that we will cover in this weekend's Weekly Wrap but our favorite from this week is Intrexon (XON, $26.85, up $2.12).

    There are no options available to trade, yet, but there should be in a month or so. Research will be limited but we plan on doing some homework on the company because we are intrigued by their biotechnology.

    While there is a temptation right now to short the market at these levels, we still need to wait for our other downside targets to trigger for confirmation.

    We also mentioned we don't like opening new positions on Friday's and if there is a break to the downside, there will be plenty of opportunities to make some bank.

    We have closed 11-straight winners since the beginning of July and we have been spot on with calling the market's direction all year long. We still believe there will be tremendous opportunities to trade options for the remainder of the year as long as volatility picks up but not today.

    There are also a few earnings trades we are eyeballing for next week and we had 2 huge triple-digit winners this week so we want to keep our portfolio light so we can take full advantage of the market's next major trend.

    The Dow is currently down 90 points to 15,408 while the S&P 500 is lower by 5 points to 1,692. The Nasdaq is off 2 points to 3,667 and bucking the trend is the Russell 2000 as it is up a half-point to 1,049.85.

    We have some last minute updates for our current trades and if we do get the signs later today to go short, we may. If we don't, we will be back Sunday night with the Weekly Wrap that is now 28-3 for the year and 72-5 since 2011.

    Stocks: XON
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  • horseman
    , contributor
    Comments (229) | Send Message
    $ 42.-47.00 range not out of the question. Awesome potential.
    11 Aug 2013, 08:05 PM Reply Like
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