Is that a song? Nah, don't think so! The market did what we thought it might and sold the news on GS. After a pretty large gap up by GS, it finished the day WELL into the red, despite upgrades all around. AGs continue their parabolic run to new heights and the solars would have crushed it had there not been late day news that dragged down the sector. It'll be interesting to see how it plays out tomorrow with the solars, they should set up for a very nice trade. I'd watch 10 am rule for entries either way. Remember, Friday is Options Expiration and that means starting Wed. the "in" crowd starts positioning themselves to pin stocks to strike prices. I've talked about this quite a few times and it remains one of the best trading ideas out there. It's one reason I love Options Expiration week.
Did you notice our GDP today? Thing is a BEAST and I suspect $100s isn't far around the corner. ANY pullback is buyable on it and I do mean ANY. ENER same drill, though the solar news may impact it, so be careful with it. Also, next week is 2nd quarter Window Dressing and our clients should get a heads up (sorry, can't post them here, but join!) shortly with some ideas for next week!
In the meantime, the seminar is rocking and despite some internet issues people are enjoying the experience. Today we had a couple losers early and then made up for it with BIDU short for about $6 overall. Total chop and slop market and for investors it remains = AGs and Solars and Energy or BUST!
See ya on the other side,
Michael "WAXIE" Parness
*The markets fade early Wed. should be a good one baring news. I think if we gap up in particular it'll make a nice short. We'll see soon enough! FOR A TRADE, fyi!