I've heard a bunch of calls for the bottom, which struck me as strange since 1) we are in month 7 of a bear market and the last bear lasted 2 1/2 years 2) the DOW and the SP500 both loss support at the 50dma 3) companies are just starting to digest life with crude +$120. I remain 40% short or hedged and 60% long.
<There is little hope for the markets if this continues and the dollar isn’t helping as it’s pulling back in early currency trading as well, so we’ll be back to hoping to hold 12,200 this morning and 1,350 on the S&P. If we lose them, it’s going to be ugly again.>
are you using this rally to start or add to any short or hedge positions. Yesterday I closed 1/2 of my DXD, TWM, SRS, SDS. Charts are telling me that the bear is back for the summer.
Tuesday Options Update: UNG, WYE, XLF, GE, AAPL, MRVL, FNM, MCRS, CLNE, CAKE, [View article]
Fast money was pimping the UNG last night. I'd rather trade the e&Ps APC, PXD, XTO among others.
Options Trader: Monday Outlook [View article]
Options Trader: Monday Outlook [View article]
did you call a bottom last week?
Friday's Options Update: WB, ZION, BAC, MRVL, GE, KO, LEH, CLX, AAPL, FITB, IGT [View article]
Options Trader: Thursday Outlook [View article]