9:40am (EST)

I waited a few minutes to see how we opened so I could give you an early read on our trades.

Bank of America (BAC, $17.70, up $0.35), Citigroup (C, $4.89, up $0.07), Imax (IMAX, $9.72, up $0.02), Potash (POT, $97.40, up $1.13) and Sirius XM (SIRI, $0.73, up $0.01) have all opened in positive territory.

Exxon Mobil (XOM, $71.84, up $0.54) has been on a roll since last Monday, rising from $66 to $72.  I was watching this stock thinking, gee, Exxon at $66?  That was $6 ago and the September 70 calls (XOMIN, $2.55, up $0.23) have doubled since then.  I’m not ready to open any new positions because we have plenty of trades already open but I should have known the bounce from $66 was the play.  I’ve covered Exxon numerous times in the past and the mid $60 level was the chance to get long.  I missed it but I don’t want to chase here.

Federal Reserve Chairman Ben Bernanke got another term and the market seemed to like the news.  Although not enough people give the dude credit, he did help the economy and kept us out of recession.  The Dow is currently up 30 points to 9,540 as I go to press.

Rick@MomentumOptionsTrading.com