Wednesday, April 29, 2009

Yo Yo Yo Yo...

Have you seen the move this market has made since March? WOWSA! Very impressive indeed!

We continue to power higher and higher through this earnings period. I pointed out the insurance companies the other day and last week, they should continue to move higher here into earnings.

GAPS have been GOLDEN here, folks, and they are the easiest trade there is. You should all be playing them. We also had the famous FOMC trade whereby we always run into the FOMC meeting. We powered higher into it, faded, then repowered and then rolled over a bit into the close. It's interesting that we've had that happen a few times lately where very late day they roll us over as though people are still scared to hold longs overnight.

It'll be an easy fade if we gap down tomorrow. A gap up is tougher and could lead to some profit taking early on. We look destined for 900s on the S & P now for sure and my 8500 target lives on. You just can't fight this tape, there are buyers all around and stubborn shorts are getting CRUSHED beyond belief.

I'm feeling a tad better, but will be VERY happy when I am fully recovered. I feel like someone is using me as an experiment, hehe. It's all good, or so they say. Whatever don't kill ya makes you stronger. Same holds true for trading, whatever losses make you stronger as long as you LEARN From your mistakes and don't make them fatal and wipe yourself out!

Futures are up here, but its early. Remember that FOMC usually produces some trend days and weeks post it. So, tomorrow's action should give us some insight into near term trading. Watch individual names and check your earnings calendar. Again, its been golden. No one wants to be short stuff into earnings, everything right now is going up no matter what. Next week's earnings plays are this weeks pickups. It's kinda like Fantasy Baseball when you pick up the two-start pitchers, you want to be in them here now, before everyone else piles in. We are in PRU, which reports May 6th and already up decently. I think $35 to $40 is doable if the market holds up on PRU. Stops under $25 as thats strong support now.

May 4th stress test. I think we should run the banks into that, but honestly it's a 50/50 crap shoot here, with a lean toward up only because you have to lean that way in this tape.

I got my car back from the accident and had to give it back to the shop 4 timse now for different things. I tell ya, what a racket, they charged the insurance company $42,000 on a $60,000s car! I mean, I wanted them to total it, you just know there's no way this thing is going to be ok. It could be worse, if I wasn't in an SUV I probably would be a vegetable now, or 6 feet under. Who says SUV's are so bad? Not I, babies, not I. At least not any more.

Keep the faith, it's all good.

We are setting a date for a HUGE - OPTIONS MASTER seminar shortly. It'll be me, Tiny and Scott and a full day of classes with 1 or 2 live options trading days and a list of some TOP options plays. Price has not been completely set, but figure $1495 with a discount to high plan members to $995. If you're interested shoot me an email - waxie@trendfund.com, I'll post final details here shortly, stay tuned!

Here it is, in summary;

Saturday - (May 23rd is tentative date) Full day options, soup to nuts
- 11 am to noon - Intro to Options
- Noon to 1:00 - Intermediate Options
-1:00 to 2:30 - Using Technical Analysis to Swing Options
-2:30 to 4:00 - Using Trends to play Options
-4:00 to 5:30 - Advanced Options Strategies and analysis
-5:30 to 7:00 - Credit and Debit Spreads

Monday, May 25th is tentative date
ALL DAY Trading solely options (there are no guarantees on how many setups there will be obviously)

Monday evening - Wrapup for 1 1/2 hours 4 to 5:30


FYI - we will be teaching CREDIT and DEBIT Spreads for the 1st time. In fact, there are a couple of places that charge $30 to $50,000 *yes, $50,000* for this type of class. It'll be limited, so if you are interested get with me ASAP.

As I finish this up futures are taking off, we're over strong resistence at 875.00 on the S & P futures. If we hold that over next few days we'll see 900 in a jiff. Next after that would be maybe 925 to 940. We are skyrockets in flight, afternoon delight at this point, so enjoy it while it lasts!

These are strange times, indeed. From 6600 to 8500 in a few weeks, I bet there are a lot of investors kicking themselves. More than a few!

See ya on the other side,

RULE!

Waxie

2 comments:

STEP said...

The class sounds great but isn't the market closed on 5/25 for Memorial Day?

In Debt We Trust said...

You should do a post on Treasuries and how the Fed refused to buy any yesterday! How can the feds expect borrowing rates (including refi) to stay below 5% when 30 year bonds are trading >4% is beyond me.