Sunday, May 23, 2010

The Upcoming Week and beyond...

Friday was a beautiful day, we grabbed a few sweet winners off the open, with the market severely oversold and the gap down being right at the May 6th lows, plus the market being down 5%+ into a Friday, just such a perfect storm for a buy the open gap down. Was highly unlikely in my experience that we'd not get a heavy bouce.

Those are the days that can make your year, or at least your month. So, those are the day we have to take advantage of, they don't come around all the time.

This week I'm sorta bullish early in the week as I said in my last post, though it's more like neutral/bullish because I don't think we go very far even if that's correct. I think risk is still to the downside. I think we have to see the other side of 10,000, its pretty much a foregone conclusion, the only question is - do we get there mid-week this week, or do we get there after a few days or a week or so?

One thing I am definately clear about is - we will see the other side of 10,000 shortly.

In the meantime, I'd like to see a nice fat Gap Down Monday as I think for at least a bounce to green it'll make a nice trade on no news. A Gap Up is trickier since I lean long anyway. Watch levels on some of the tech titans; AAPL $250, GOOG $500, BIDU (recent highs)PCLN $200...

Financials showed very good relative strength and GS was very strong on rumors that they may settle. Something like that would trigger heavy buying in the stock and financials more then likely, at least short term.

I'm working on several new initiatives, one is a Makeover concept related to kids initially that I will be asking for volunteers for. I'll be giving more details shortly but its super exciting and has some big name talent attached if it goes. Friday got some amazing news and so it appears to be a "go". Love when that happens.

Tomorrow early am we have our LIVE Options Trading Day, still time to sign up, email and she'll get you signed right up. There will be another FREE class shortly as well, stay tuned for more details this week.

More later...see ya on the other side


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