How High Will It Go By Opex Friday?

Discussion in 'Trading' started by eagerbeaver, Jul 10, 2005.

  1. Trajan

    Trajan

    Yes, it would so to speak. Looking through the charts, I see that the SMH is breaking out right here after closing at what looks to be 52-week high.My calls that I bought for nothing might go in the money.
     
    #11     Jul 10, 2005
  2. Not sure the futures are going to give you that lower open to cover your short. I'm in the same boat, by the way. What will you do?
     
    #12     Jul 10, 2005
  3. Trajan

    Trajan

    It's not worth the pain and aggravation. At the very least, my TXN calls are a partial hedge as my short is in CSCO so if the techs rally any damage will be limited. I also own some of the CSCO 20 calls but they are a poor hedge since they are .70 otm. If the stock gaps a buck, I'm golden but that ain't gonna happen. I will probably just bite the bullet wherever it opens. I'm switching to a new firm right after expiration so I don't need my last week at IB to be painful.
     
    #13     Jul 10, 2005
  4. If you want to check on oil futures go to nymex.com/Markets/market data/current data-----------then pick light sweet crude and look at the trading price.

    Just remember, there is a lot of money in the cash equities market here in the U.S. from Thursday on that may be parked here very temporarily {European markets selloff rotation and US Treasuries rotation monies from the last two trading days}, so heads up. The oil sector stocks may get hit hard tomorrow in addition if the oil futures do not rebound in the overnight.
     
    #14     Jul 10, 2005
  5. Oil back in the high $58 range and I am not at all surprised. Institutional trading holding up the equities markets and the Hedge's holding up the oil markets-----------the fight continues.

    Which one needs more volume to sustain--------------hahahaha
     
    #15     Jul 10, 2005
  6. Trajan

    Trajan

    Don't forget that this is expiration week. These July blow off rallies during this week can be wild. It's been a while since we've had one, probably since 98, but they can seem irrational. One factor that may limit it is that earnings for most companies don't come out till after this week, at least for the stocks I trade. Although, IBM's come out on Thursday.
     
    #16     Jul 10, 2005
  7. yes you make some good points
     
    #17     Jul 10, 2005