1:00pm (EST)
The bulls are trying to hang on to a positive week…
The Dow started Monday at 12,376 and the blue-chips have touched a high of 12,450 intraday. The index is currently down 13 points to 12,396.
The S&P began the week at 1,332.41 and has reached a high of 1,339 today. The index is down a point at 1,332.
The Nasdaq was at 2,789.60 at the beginning of the week and is down 3 points to 2,792. Tech traded up to 2,808 but appears a close below 2,800 is in the cards for today.
Talk about a “flat” week.
We will be doing a video this weekend for our subscribers who have purchased our option trading manual, How to Trade Options on Momentum Stocks. We will profile where the market is at and where it could be going based on first quarter earnings which starts on Monday.
The video will also show you how to find possible option trades on companies that will be reporting earnings over the next few weeks. Additionally, we plan to cover strangle and straddle option trades because we believe the market and certain stocks could move 10% or more over the next month.
We just aren’t 100% sure which way yet.
We have been bullish since October 2010 and we said this rally could last until April. We have not profiled or recommended too many put options over the past 6 months and it has been amazing to see everything unfold.
We have nailed support and resistance, trading ranges and breakouts and breakdowns for the past 6 months but now that the market is here, we just aren’t sure what the rest of April or May holds.
We do know the long-term trend is still up and the aforementioned resistance targets were pegged back in late January. We are still leaning towards a breakout but we also know that if there is a breakdown we will be ready for some fast trading.
The price of our trading manual has gone up and we said last weekend there would no longer be anymore special offers. However, because next week is so important and because it is the start of first quarter earnings season, there isn’t a better time to learn how to read charts, find trades, and start learning where the market could be headed.
So, if you purchase a 1-year membership to our Daily newsletter or Weekly Wrap, we will ship the option trading manual to you at no charge (an $895 value!). Once you sign-up, you will have instant access to all of our past videos.
We have updated our current trades and the Watch List once last time before we roll. Subscribers, check for the updates inside the Members Area.
We will be back Sunday night with the Weekly Wrap and we are excited about next week. There are number of trades we have already been profiling so make sure you join us for the video.
Have a great weekend everybody!
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