Basically I am leaning towards late strength coming in as of now. The futures were horrible this morning but as more earnings came in that were good the futures shaved off almost half. The market is currently better than it opened BUT we are still in the first hour of trading so nothing is definite. I am at 1165 on the SPX and 540 on the XEO so gonna hold through today unless we have another collapse. I was calculating my P/L for all these October spreads and if I did my math right, currently it is flat...about $0 loss give or take $1,000 (did it off the cuff.). Therefore, I still have no problem taking a small loss for October if I need to roll down on continued weakness. I am not gonna do anything yet but watch and wait and see. My return on margin for the year is about 21% as of now and I do not mind giving 3 or 4% of that back to limit my losses. Given the market we are in, I will take 17% at the end of OCT. I may take profits on the calls on roll them down but I doubt there is any premium on the call sides to be worth the commissions.
Ask and you shall receive Phil. You must have had an inside tip on the oil inventories before you made your post lol! ryan
Actually I wish I did but the feeling all morning was of strength creeping in. Just do not have a lot of faith that it is enough to keep us positive really. SPX was up over a point or so and now is down .40 so as long as it is flat I am fine with that. Phil
Hey all you naysayers with your charts of prior performance, got any charts showing tomorrow's close? I sure could use it now!
attn skdoyle1: I am considering a job opportunity with more daytime flexibility. However, it will require moderate travel overnight 6-10 nights per month. about 2 weeks ago you mentioned wireless alerts. would you be so kind as to share your service provider, opinions, knowledge, etc. thanks. newbie.