1:05pm (EST)
The market is looking for direction today as well as the U.S. dollar. The bulls didn’t let the open deter them from taking the market higher today. We’ve mentioned the dollar trade and how we will have to see how it plays out from here but we don’t necessarily believe a higher dollar is all that bad for the market. After a strong start the dollar is at $75.81, down $0.10.
The Dow is currently up 26 points to 10,415 and has traded as high as 10,442. The S&P 500 is up a point to 1,106 while the Nasdaq is down a point to 2,193.
Gold continues to do its best Tom Petty imitation as is it “breaking down” again today. The yellow metal is off another $23, to $1,146, following Friday’s plunge. Oil is lower by $1.03 to $74.44 as news spreads on Wall Street that our inventories are high. At current levels we have a 6% surplus the experts say…
The Solar stocks are getting a boost after an upgrade in the sector. We starting noticing First Solar’s (FSLR, $134.62, up $5) last week and it is an extremely volatile stock. In September, we played the options on this stock on the way up and the way down. We profiled a two-day put option trade on 9/1/09 that got subscribers a 50% return and a little over a week later we were able to get them a 30% return on the way back up. We are waiting for another good entry point but the $15 move since last week has been impressive.
We have updated the current trades again in our Members Area today for those of you who are the run…
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