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Phil's Morning Alert to Members - Money, Money, Money!

|Includes: Booking Holdings Inc. (BKNG), FCX, USO

Phil - November 9th, 2010 at 9:48 am 

Good morning!

PCLN Jan $450s can be sold for $16 and I like that naked sale after looking over earnings.  

Like yesterday – everything looks like a good short to me but it is amazing how much effort is being put into propping up this market at the moment.  At least you won’t be able to say you weren’t given a good opportunity to cash out!  

FCX Dec $100 puts at $2.75 are the way to play a top to copper.  

Same old level watch and we’re still waiting for the Dow to show us some backbone along with the Nas, who we keep shorting but they keep trying to go higher:

  • Breakout Levels: Dow 11,500, S&P 1,220, Nasdaq 2,600, NYSE 7,750 and Russell 725
  • Up 10% (must hold)Dow 11,220,S&P 1,177, Nas 2,420, NYSE 7,500 and Russell 700
  • Up 7.5%Dow 10,965, S&P 1,146, Nas 2,365, NYSE 7,280 and Russell 672
  • Up 5%: Dow 10,710, S&P 1,123, Nas 2,310, NYSE 7,140 and Russell 666 

Copper $4 is now a key watch level and oil is already coming down nicely from $87.50 and you can grab the USO Nov $37 puts for .41 as a nice speculative put on inventory tomorrow but it is, of course risky.  The dollar is right on the 77 line and dollar direction TRUMPS ALL!  

We’ve fallen back into that patten of pre and post-market pumps while we sell-off all the rest of the day so it’s all about who gets tired first, the bulls or the bears.  If the bulls take out the Nas and the Dow – they win and we get longer (and make sure you see our new gold plays) but not until as we’re still in that toppy Beta 3 pattern (see yesterday’s chart) and that means that there is a lot more bang for the buck speculating short than long at the moment. 

Disclosure: Positions as indicated bu subject to change