So, what now Brown cow? I think we have to assume that the market should hold up reasonably well early this week. There isn't anything mind blowing on tap on any calanders that I can see that should derail us, and with AAPL and MSFT and YHOO on tap tech wise, I mean, does anyone really want to sell AAPL before earnings and risk missing the same $90 move that GOOG had? You have to assume not until proven otherwise. We should be choppy early as the market tries to figure out if the rally is overdone or if we really have "bottomed" near term. I still think we could see Highs of the Year shortly, but I think its unlikely the rally lasts more than that, if it gets there. I'm hoping the financials get another move higher, I'd love to be able to reenter some shorts when FNM is $30s and C is $30 as well. They will get overbought very quickly if they do get another move higher.
I would suggest keeping your powder dry here. I want to be mostly cash so I can jump into and out of positions here. This is a TRADERS MARKET (they usually are) and I want to make sure I'm not overcommitted one way or another and put my capital at risk. Friday was a SICK day, folks! SICK!
And, you all read it here, I NAILED the day. In fact, OPTIONS TRADER service had 3, count 'em THREE more than DOUBLES intraday. Yes, you read that correctly and that's no BS, 3 option calls that more than doubled during the day post the call!
We had a simply SICK day and there was more, too many to list (not really but its late and I can't remember them all) :)
Many people wrote in asing me about what I meant by PIN strike prices on option expiration day. I will do a class on that and other similar type market action shortly, stay tuned! I LOVE LOVE LOVE Options Expiration week and particularly Options Expiration DAY. Its my favorite day of the month by far. If you nail it you can make your whole month, or your whole 3 months in a single day and Friday we NAILED IT!
I will be sending out info on the Options 3-day seminar with 1 of those days a LIVE trading day in a seperate chat room with just me, and you guys and ALL OPTIONS EXTRAVAGANZA!
Cost will be $495 for the 3 day online class, Day 1 and Day 2 will be strictly educational and Day 3 will be LIVE TRADING with ONLY options plays.
If you are interested and have not emailed me yet, please do so, I'm not going to teach it to 100 people, so I suggest you email me to reserve your spot. Anyone who has already emailed me, please do NOT, you will be getting some info shortly, stay tuned!!!
Email me @ email@example.com
Also, email me with the heading OPTIONS TRADER if you are interested in signing up for the OPTIONS TRADER service that's been on fire. Same email addy. Thanks!
RULE and let's rock this week, folks,
Michael "Waxie" Parness