12:30pm (EST)
The market hasn’t had a 1% pullback since December but that could all change by the closing bell.
Futures were weak throughout the night and were showing a 0.5% loss to start today’s session but they got progressively worse as we headed towards the open.
The situation with Greece continues to come down to the wire and it’s hard to imagine to us non-politicians why this has dragged on for so many months. The fact that Greece hasn’t paid back the FIRST bailout should be a clue that the country can’t pay back a second bailout.
All signs have been pointing towards Greece getting another lifeline but Germany and some of the few remaining triple-A countries are raising the red flags and want more guarantees and action.
The major indexes are off their lows but we would imagine they could be tested into the close as not too many investors will want to stay long over the weekend.
The Dow is down 109 points to 12,780 while the S&P is lower by 10 to 1,342. The Nasdaq is showing a decline of 19 points to 2,908.
The S&P Volatility Index ($VIX, 20.44, up 1.81) is up nearly 10% today and 20% for the week (see Weekly Wrap notes from Sunday) while Gold is down $20 to $1,721 an ounce.
We have put in another great week as we were able to close 5 more winning trades for gains of 83%, 200%, 50%, 4% and 79%. We did have one trade take a licking but they are March options and we are hoping they come back. This brings our closed winning closed trades to 23-1 for the year. Also, we took “half” profits in all but 5 of these trades and still counted them as ONE winner.
Our option trading competitors don’t like to trade their own accounts and they record “half or third profits” on winning trades 2 or 3 times. If we did that we could say our track record is 46-1 but we like posting real results and keeping our subscribers.
Even at 23-1, we seriously doubt other option newsletters have gotten off to the start we have. Our Weekly Wrap closed 7 winners in January and February could bring 5 more double-digit gains. This would get us to 35-1 for 2012 but we can’t count chickens before they hatch.
Do yourself a favor this weekend and compare our track record and results to anyone you like. You will see why we have become one of the fastest growing stock options trading advisors on the internet. We also have auto-trading partners that verify our results and will do the trading for you, at no charge.
Unless the bulls make a comeback, the bears will win the week and our predication we made in early January for a pullback in the first full week of February could be right on point. We made our subscribers a bunch of cash by telling them to stay long until the end of January and the pullback, if it lasts, will give us another opportunity to let prices come back down so that we can play the next bullish run.
We said there might be an opportunity to buy some put options to play a temporary downside move but we don’t plan to load up on bearish positions because the longer-term trend is still bullish. We do, however, have one put option trade we have been watching for a couple of weeks that we would like to get into today. The stock has been moving like a puppet and we think we are getting a great opportunity to play a short-term trade to the downside.
We will be back Sunday night with our Weekly Wrap but let’s get to the Members Area for the NEW TRADE!
Our next Daily update will be out Monday morning so until then, have a great weekend, everyone. And make sure you request our updated track records or check the Members Area when you sign up.
