12:40pm (EST)
The bulls are treading water today as the Dow is currently down 46 points to 10,250. After consecutive days of triple-digit gains the market is pulling back slightly as both the bulls and bears look ahead to Friday’s unemployment report.
The S&P 500 is also trading lower and is at 1,095, down 7 points while the Nasdaq is off by 6 to 2,184.
Wall Street will be watching Cisco Systems (CSCO, $22.91, down $0.11) after the closing bell today as the company reports earnings. The pencil pushers are looking for a profit of 35 cents a share on revenue of $9.4 billion. The company is famous for beating earnings by a penny but we are looking for hints about what Cisco has to say for the rest of 2010.
First Solar (FSLR, $118.25, up $0.88) is looking like it could be ready to pop or drop. Shares trade to a low of $109.77 on 1/22 which may have been a bottom or the sign of a further drop. The sector has fallen out of favor recently but things could be picking up. We are hearing good things about the sector although the Street has pushed them aside for the time being.
Special Announcement: We have started a NEW section today in our Members Area as we work on the finishing touches of our trading manual. We talk about “Watch Lists” all the time and we thought it might be beneficial if we added possible trades that we are looking at. With options, timing is everything and we always have 5-10 active trades we follow that we are just waiting for the right entry point before we release them.
These trades will NOT be recommendations until certain events happen OR we list a limit price to buy a certain option. We have some room for some new trades and hopefully his will help you see how we find trades. Once the manual is complete you should be on your way to becoming your own option trader if you choose to do so. We have also included the NEW option symbols for each trade we are watching.
Many of you have asked for something like this and your comments and suggestions are always welcomed. Keep them coming…
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