As Prophet Alerts subscribers know, I have been looking for a potential bounce in the market, namely from the 9,774 level as a potential bottom off the May 25th lows. It seems the market is looking for a pop, whether short term or longer term is still to be determined. Key levels to look for in the Dow are 10,237 and 10,238 (200day EMA and Moving Averages). There is a lot of resistance above this market but I feel a short term pop to Dow 10,500 may be possible if we can get some catalysts next week. The market has become extremely news driven, and going into options expiration week I feel we should get a pop so market makers can profit on the puts sold to the bears this past week. I guess we will see! I go over in this video our AKS position that I have been scaling into. My average price is now $13.56 in my trading account and $12.66 in my Roth IRA. I love this stock long term, my short term price targets are $16-18 however.
Thanks a lot for that reply tradingtech, very informative. I recently sold my shares of UCO amd was now looking to get back in at about 8.80, it seems everytine it hits this number that it goes right back up to 9.15-9.20 on a day or two. Amy other info would be great. I have been scratching my head as of late at the oil movement. It doesn't seem to be following the world markets as much anymore.
What about mixing junk bonds that have now 12% yield with some nice etfs with covered calls? Or various >=12% yield stocks, are many right now. I know JNK, PSEC, AGD, and various more. With 150k that 12% with monthly dividends is more than $1000 monthly, if the owner only needs $1000, he/she can let the remaining $500 to be reinvested and having not only income, but account increase.