Trend Fader, I think the market is also weak as well, but not weak enough piercing S&R's like what happened today means the battle is still on. I like to step aside and let the soliders beat themselves to death, then come on the field full of carcasses and get my goods
Just read page 2 Safe move on the calls. I posted my GM January bear put spread on another thread earlier... Long 6jan20 @ $1.25 Short 6jan17.5 @ $0.70 Out of pocket: $55/contract
I agree its very strong.. thats why I sold calls and didnt short the market.. I picked up $1.25 in premium.. there was almost 40 cents in time value the next few days... as long as marke stays flat to lower.. i wll be making nearly 35-40% of the full potential ( assuming calls expire worthless) I think thats a good bet.. because I also long a bunch of stock to hedge the trade.. --MIKE
Hold the indexes {at or near flat} while then "masking" your equities selling getting positioned for tomorrows PPI {look at all the sell-programs that hit today} --- just in case the news is rough after a 12 day run up! yes the institutions have this method mastered.
Tuesday - PPI and Retail Sales Wednesday - CPI and EIA Petroleum Status Thursday - Housing Starts, Jobless numbers, Industrial Production and Philly Fed Survey. Friday - Options expiration :eek: I hope that's enough to get us rockin' and rollin' this week. I'm sick of this trading range crap.
I am going to stick with my prediction of a high around 1245 on ES for the year but I thing we are due for a bit of a pull back to say 1228-9 or so before going higher. However it would be very scary to be short the broad market this time of year.