Freeport McMoRan Pushing $70

12:30pm (EST)

The market has made a comeback after starting the morning in the red. The Dow was down as much as 70 points and hit a low of 9,535 before bouncing back. Currently, the Dow is down 15 to 9,590.

Wall Street is a little nervous given the weekend news from this morning concerning the imposed tariffs on Chinese tires. It was a pretty bold move considering China buys a lot of our U.S. dollars and could raise concerns about a possible trade dispute. Traders are flocking to Amerityre (AMTY, $0.70, up $0.38) as a short-term trade. Shares opened at 40 cents and have traded as high as $1.00. Stay away.

From the FYI department….today is the 1-year anniversary of the Lehman Brothers (LEHMQ, $0.16, up $0.05) debacle. Although the company went bankrupt, its shares still trade on the “pink-sheets”. This is where most of the “penny stocks” trade. Shares are up a whopping 60% on volume of 40 million. The stock is completely worthless but people are still trading it…

Speaking of zooming…Zoom Technologies (ZOO, $7.44, up $3.40) is up 84% today. The stock opened at $4.70 this morning after closing at $4.04 on Friday. The company’s recent acquisition of Gold Lion is going to a “boom” to the bottom line as Gold Lion’s revenue increased 350% to $53 million in its most recent quarter. The deal will close by the end of the month. There are no listed options on Zoom.

Subscribers, check the Members Area for the Freeport McMoRan (FCX, $69.54, down $0.82) trade.

Rick@MomentumOptionsTrading.com

]]>

CFTC Disclosure:

GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH Momentum Options Trading, LLC CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CIRCUMSTANCE. THERE IS SUBSTANTIAL RISK IN TRADING. A LOSS INCURRED IN CONNECTION WITH FUTURES TRADING CAN BE SIGNIFICANT. WE MAKE NO CLAIM REGARDING PAST OR FUTURE PERFORMANCE. WE MERELY TRACK EVERY TRADE AND SHOW THE PERFORMANCE OF ALL TRADES THE SYSTEM OR NEWSLETTER PRODUCES. SIMULATED TRADING IS DIFFERENT THAN TRADING REAL MONEY. HYPOTHETICAL RESULTS ARE NOT REAL RESULTS. PLEASE CONTACT YOUR BROKER ABOUT THE RISK OR TRADING STOCKS, OPTIONS OR FUTURES. ALL COMMUNICATIONS ARE OPINIONS NOT ADVICE.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Blog

Freeport McMoRan Pushing $70

CFTC Disclosure: