OK, so we ran up into the FOMC, which is the big time trend and then we sold the hell off when the Fed did what everyone thought they would. Typical sell the news scenario. NICE NICE FADE, my favorite trend! Very powerful!
OK, so today should tell what we gonna end the week on. I would look at the open as a fading opp. Remember that next week we usually fade what we do post FOMC the week before. So, if we die into end of the week then next week should be an up week. Conversely, if we rally this week here we should sell off next week.
I think we still could get High of Year before turning seriously down, but we shall see. 13,000 is key, we hit it and then got slammed Wednesday. We'll have to reclaim it and hold it to see 13,200s or higher and hit my targets. If not then we will head back to the 12,500 area in a jiff. Financials still feel VERY heavy here. I am hoping they rally a bit more as they wills et up for a very very sweet short from there. My favs remain - FNM, C, SOV (looks below $5 soon).
Keep on rocking and keep on trending!
FYI - OPTIONS 3 day online seminar is next week. You have time, but I want to send everyone who signs up some free DVDs on OPTIONS!!!
I have a really nice play, I think, for this week. Been on fire, lets see what shakes!
If you are interested in the Options Trader service to get the new play(s), or you want to sign up for the Options 3 day workshop online and 1 day live options trading, please email me directly
See ya on the other side,