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1:00pm (EST)The bulls have done us proud. Although we had to wait until 2011, or one extra trading day, the yearend targets for 2010 we had been hoping to hit by last Friday are falling like dominoes today. We said this morning:“The bulls are looking for Dow 11,600-11,700; S&P 500 1,275; and Nasdaq 2,700 over the near-term. We start 2011 at 11,577; 1,257; and 2,652, respectively. If the aforementioned targets are broken then we could see Dow 13,000; S&P 500 1,300; and Nasdaq 3,000.” (END)This is why we do endless hours of chart work, every day, every weekend…The Dow is currently up 125 points to 10,702 while the S&P 500 is higher by 17 points to 1,275. The Nasdaq is showing a 48 points pop and is at 2,701. There’s not much left to say except we got good news galore in our Members Area. Subscribers, check for the updates and a NEW TRADE!!!
We talked about Molycorp last week:
Molycorp (MCP, $57.42, up $7.52)
January 60 calls (MCP110122C00060000, $3.50, up $2.75)
January 40 puts (MCP110122P00040000, $0.40, down $0.45)
Action: We told you last week inside our Members Area this could be the perfect strangle option trade. The calls and puts were both near $1 last Thursday and we said we expected shares to move $10, quickly. If you acted on our comments, you have doubled your money today.
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