I LOVE THIS MARKET...knock on wood (always supersticious) this is a GREAT trading market, the TRENDS are really lining up and we are KILLIN' it...GAP FADE once again worked to perfection as we gapped down very nicely and then rushed higher and then late day rolled over again. Very interesting trading. Caught BP long off the open near $30 and bought a bunch of calls, sold most near the top. Very happy indeed. CSIQ off yesterday's call also did well most of the day til the breakdown. AAPL continues to play ahead, nothing apparently can stop it from assaulting what looks to be $275 area.
With Options Expiration coming up Friday it'll be interesting to see what level they pick to pin. Most expect 1100 to be where we get pinned, which leads me to think we'll do either 1090 (guess 1080 possible with a bigger drawdown but doesn't seem likely) or 1110 or 1120/1125 more likely in my view. I still have to lean long, there just aren't very many sellers unless news strikes and it just doesn't pay to buck the TREND of the market. Natural Gas pulled in a bit, but still looks much MUCH higher to me longer term. I sold my contracts last night near the $5.20 mark if I recall and traded some below $5.00 for that pop back above it. That late day drawdown definately hurt my day a bit, but still a rockin' day nonetheless. I'll take it anytime, baby.
OK, so let's watch where they try to pin us from here Friday on what stock. PIN ACTION is a VERY VERY strong trend and we need to respect it. That IPO tomorrow is interesting to me, I am going to do some research on it tonight and see if it makes sense to trade the dang thing.
On another note, I should have some full audited financials finally to showcase so stay tuned if you are interested.
I have more confidence in my trading right now then I've had in a very long time. I think this market is PRIME trader mode and I think YOU have to take advantage of that while it lasts...
If you're interested in a free trial, or finding out more, email me directly with your thoughts and the heading TRIAL and I will hook you up. In the meantime, more later for all, keep rockin'...
Michael "Waxie" Parness