1:20pm (EST)

Make no doubt about it, the bulls are totally in charge of this market. If there was any doubt, today’s breakout has sent the Nasdaq and S&P 500 to new highs. The Nasdaq is up 34 points to 2,007 while the S&P 500 is up 18 to 1,015. The jobs report was key and I told you last night I expected a big move.

We were closed out of a number of good trades yesterday but if this rally is for real there will be plenty of opportunities to make some money. We still have a few open positions and those are up today so we don’t really need to “press” the issue.

However, if you are stretched for a trade…you could play the PowerShares QQQ’s (QQQQ, $40.01, up $0.63). It is a little risky going long before the weekend because you leave yourself open to a lot of risk. The August 40 calls (QQQHN, $0.70, up $0.19) are up 37% on today’s rally and would have further room to run if the market continues higher.

If you do enter the trade, set limit prices at 65-70 cents and set stops at half of your entry price. Remember, you could get taken out if the market drops lower on Monday right off the bat because of some politcal news or something.

I’ll be back Sunday night with the Weekly Wrap.

Rick@MomentumOptionsTrading.com