The bulls are rebounding after holding crucial support this morning. The bears are still on track to win the week, their first in six, as long as they don’t give up too much more ground.
The Dow is up 81 points to 13,135 and is still down 140 points for the week. The S&P 500 is higher by 8 points to 1,410 but is a long way from 1,418 which is where it started the week. However, a close above 1,410 would be bullish.
The Nasdaq is showing a 17 point pop and is at 3,070. Tech will need to close above 3,076 to show a gain for the week and with the market at session highs, there is still time. The Russell 2000 is up 2 points to 808 and has tripped 810, a level the bulls would like to reclaim today. The small-caps came into the week just under 820.
It’s been a busy week for us as well and we mentioned at the beginning of the month we would take what the market gives us if there was a test of the April/ May highs. The action has been fast and furious despite a choppy, toppy market as we were able to close out 6 winning trades that were opened over the past few weeks. For August, we have now closed 10-out-of-last-11 trades for winners. This gets our 2012 Track Record to 118-36, for a 77% win rate for all of our trades.
The next few weeks should be super exciting and we believe with volatility picking up there will be plenty of opportunities to play both calls and puts. Our portfolio is still rather light after ringing the register on a number of trades this week and once the next trend is clear, we will load up on our next batch of trades.
Of course, we still have a number of open positions that are doing well today so let’s go see where we are at.
We will be back Sunday night with our Weekly Wrap and on Monday morning with our Daily so until then, have a great weekend everybody!