Bulls Bouncing Back

Bulls Bouncing Back

1:00pm (EST)

The bulls are holding fort as we head towards the second half of trading and wind down the week. Although they are losing the battle today, the bears have put in a tremendous effort as the major averages are lower for the week. However, the bulls still own the month of February and today’s rebound is looking good.

The Dow started the week at 12,391 and is currently at 12,121, up 53 points. A close above 12,100 would be sweet as pie – 12,200 – even better. Support is at 12,000-11,800.

The S&P began Tuesday’s session at 1,343 and if 1,300 holds we will be happy campers. If 1,325 can come into play we will be ready to run a marathon. The index is currently showing a 12 point pop and is at 1,318. Support is at 1,300-1,275.

The Nasdaq is higher by 37 points to 2,775 after starting the week at 2,833. We would like to see Tech settle above 2,750, or better yet, 2,800 and support remains strong at 2,700.

Despite the volatile week, our subscribers were able to close two more trades for gains of 150% and 85%. For 2011, we have closed 16 out of 18 winners so far and since October 2010, we have recommended 29 out of 35 winners for an 80+% success rate. Some of our triple-digit winners have included gains of 141%, 170%, 114%, 182%, 150% (twice) and 125% with plenty of high double-digit returns as well.

We have a lot to cover in our Members Area and we will be back Sunday night with the Weekly Wrap. If you are not a subscriber to the Weekly, remember, if you sign up for a 1-year membership you get a copy to our trading manual How to Trade Options on Momentum Stocks at no charge. This deal also applies to our Daily if you sign-up for a 1-year subscription. We do not advertise this special.

We have a few copies left over from last week’s final promotion so we want to get them out to you before the price goes up for our option trading course. Your membership also includes monthly videos with charts, possible earnings trades, and other option strategies that are not covered in the Daily or Weekly.

On that note, we have another NEW TRADE we are releasing today so we want to get it out. Have a great weekend everyone and we will see you Sunday!

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