We mentioned in our Weekly Wrap and in Monday morning’s Daily that Wednesday would be volatile as Fed speak heated up. Ben Bernanke tried his best to fuel the bulls’ fire and he did, at first, as the indexes hit euphoric highs, before going down in a blaze of glory.
The indexes danced past our extended fluff targets on Big Ben’s initial comments but started to fold like a cheap lawn chair after he started sending mixed messages. We will spare you the rhetoric on the QE “tapering”, easing, or possible expansion as support did hold. The bears made some noise while we were ringing the resister on 8 winning trades! It was the most profitable day we believe we have had in a few years and we expected the fade once we saw what could be the “blow-ff” top we usually see n bull markets. Of course, it’s too early to say what the rest of the week holds as we have 2 full trading days before the holiday weekend but our portfolio is light with yesterday’s profit taking haul and we are anxious to play a continued slide or a rebound to extended all-time highs.
We closed 7 more winning trades for the DAILY and here were the gains: +300%, +9%, +80%, +20%, +146%, +206%, and +100%. We would list the names but we do have a few open trades in some of the names we closed and we will likely be playing these stocks again back to the upside with call options or to the downside with put options.
We also took profits in our Cisco Systems (CSCO, $23.34, down $0.67) trade for our Weekly Wrap as we told our subscribers they would have a good quarter and shares could pop. We recommended getting in at just over $20 last week to play the upside and we set a Hard Stop to protect profits. We mentioned shares could struggle at $24, they did, and our $23.50 stop was triggered for a 14% win.
As far as the battle between the bulls and bears…what a Wednesday
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