Bulls Hope Big Ben Says Something Good

12:55pm (EST)

After two days of steep declines, the bulls are trying to get back on track and are doing a good job today as they push the market towards prior resistance. The Fed just released its FOMC rate decision and their accompanying statement remained the same as very little changed. However, the Fed seemed a bit more optimistic than last time out.

The story on today’s rally is jobs as Wall Street looks for potential hints to the nonfarm payroll report which is due out on Friday. This morning, the Challenger report showed that the number of layoffs declined month-over-month while the ADP National Employment Report showed the private sector added 110,000 jobs in October, topping expectations for a gain of 100,000 jobs.

Of course, the bulls aren’t out of the woods as Fed Chairman Ben Bernanke, is scheduled to speak at 2:15pm (EST). His comments usually sway the market and the bulls are hoping he drops a QE3 hint.

As we head to press the Dow is up 163 points to 11,821 while the S&P is higher by 17 points to 1,235. The Nasdaq is advancing 26 points to 2,632.

We have double-digit profits to take on 2 more trades so we have to cut it short. Subscribers, pay close attention to one of the trades we are closing because we are rolling over the position (NEW TRADE) to take advantage of further upside by buying a December call option.

]]>

Comments are closed.

CFTC Disclosure:

GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH Momentum Options Trading, LLC CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CIRCUMSTANCE. THERE IS SUBSTANTIAL RISK IN TRADING. A LOSS INCURRED IN CONNECTION WITH FUTURES TRADING CAN BE SIGNIFICANT. WE MAKE NO CLAIM REGARDING PAST OR FUTURE PERFORMANCE. WE MERELY TRACK EVERY TRADE AND SHOW THE PERFORMANCE OF ALL TRADES THE SYSTEM OR NEWSLETTER PRODUCES. SIMULATED TRADING IS DIFFERENT THAN TRADING REAL MONEY. HYPOTHETICAL RESULTS ARE NOT REAL RESULTS. PLEASE CONTACT YOUR BROKER ABOUT THE RISK OR TRADING STOCKS, OPTIONS OR FUTURES. ALL COMMUNICATIONS ARE OPINIONS NOT ADVICE.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Blog

Bulls Hope Big Ben Says Something Good

CFTC Disclosure: