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Tumultuous Tuesday - The 1% Strikes Back

|Includes: SPDR Dow Jones Industrial Average ETF (DIA), USO


70 protesters were arrested last night as police cleared Zuccotti Park.  

At least 400 New York Police Department officers dressed in riot gear surrounded the park at around 1 a.m.  Mayor Bloomberg’s administration did not give advanced warning of the police sweep but did send out a message on Twitter at 1:19 a.m.: "Occupants of Zuccotti should temporarily leave and remove tents and tarps. Protesters can return after the park is cleared."  If protesters are allowed to return, it will be without the equipment they have used to keep warm in the cold weather.

Some protesters turned away by police said they were heading toward the famous statue of a bull at Bowling Green. Others went to nearby Foley Square but were quickly dispersed. "We’re trying to regroup," said Caroline Buster, 32, a writer from Brooklyn. "They’re trying to disperse us and we’re trying to stay together."

An hour after the raid started, most of the structures that had come to define life inside the protest encampment over recent weeks were dismantled by Department of Sanitation workers in green uniforms. The tents holding the library, media center, legal aid, information and sanitation areas were all broken down and placed into rolling trash containers.  More likely than not, this will only escalate matters.  It is rumored that unions will now be joining the protesters on Wall Street this morning.

While our Brothers in Alms were fighting the good fight, we were making more money early this morning as I sent out a 5:51 Alert to Members to short the Dow Futures as they crossed below the 12,000 mark.  We got a nice run down to 11,910 which, at $5 per point per contract, works out to a gain of $450 per contract and our Egg McMuffins are paid for!  Of course, we were shorting the Dow since yesterday morning, when those DIA Nov $120 puts were an easy entry at our $1.05 target (see morning post) and we took $1.40 and ran for a 33% gain during Chat.  

I also updated our White Christmas Portfolio this morning, where we began on October 24th with a virtual $15,000 and a goal of hitting $25,000 by Christmas (up 66%) to put a little extra joy under the tree or maybe fly Grandma in for the weekend (Christmas Day is Sunday this year) to put a little extra joy under the tree or maybe fly Grandma in for the weekend (Christmas Day is Sunday this year) to make it extra special for the kids. The portfolio was pretty well-balanced and did great on my week off, gaining another $2,960 and giving us a virtual net (including unrealized gains) of $24,250 – up 61.66% and just $750 short of goooaaalll!!!continue reading

 


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