The bulls are trying to put a cherry on top of this week’s rally following yesterday’s slight pullback but Tech has been lagging and today’s close will be important.
The charts are showing some topping action as Wall Street prepares for an important next week. The bulls made it through another headline crisis this week as Syria has moved to the back burner while the FOMC meeting and taper talk will move to the front. The debt ceiling debate and the chance of a Larry could also hinder the continued rally as the zombies on the Hill will be making some important decisions.
We are looking forward to a possible pullback or perhaps a break out of the trading range to new highs because the next trend could be very profitable for us.
We have been doing well navigating the now 3-month trading range and if volatility picks up like we believe it will, the chance to make super-sized profits are right around the corner.
We have more than doubled our 2013 trading account this year with our recommendations as the Daily portfolio is up over 150%. We have hit on nearly 70% of our option trades that includes our Weekly Wrap that is 77-5 since inception.
Our 6-year Track Records also show nearly a 70% win rate with gains of 100%, 200%, 400% and even 800% over the years. We have verified auto-trading partners’ that will trade our recommendations for YOUR account in real-time if you are a busy professional and can’t follow the market all day long.
We have also partnered with Interactive Brokers that will allow those of you outside the U.S. to trade our recommendations. They are one of the best brokerage firms for trading options and we are pleased to announce our relationship with them.
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Our goal is, we want you to make money and we still believe the rest of the year will offer some explosive profits. The current action will either lead to a break out of the trading range to new highs, or, there could be a quick, hard and fast move back to the bottom of the range. Or worse.
Remember, DO NOT get nervous if and when there is a selloff. The talking heads and slick talking pros have no idea how to make money on the short side and why they are always rooting for a higher market. We are here to show and tell you that buying put options or shorting stocks is just as lucrative as buying call options or going long.
We know we have rambled a little bit, but we cannot stress the importance of the unique environment we are in. The see-saw battle between the bulls and bears could end up with a fat zombie sitting on one side, soon. And we all know what happens to the market when Congress is in session. It usually heads lower unless they get something done.
We will be kicking back the rest of the day looking for clues into the close on how things might shake out next week. The chart work we do on weekends should also provide a clearer picture so be ready for what could be a busy week for us as well.
We have room for up to 10 new trades and while we have traded light, we have been patient in waiting for the current trading range to play out. The bottom line is be ready and get your wheelbarrows out.
As we head into the second half of trading, the Dow is up 56 points to 15,357 while the S&P 500 is advancing 3 points to 1,686. The Nasdaq is down a point to 3,715.
We have some last minute updates on our current trades before we roll so let’s go see where things are at. We will be back Sunday night with the Weekly Wrap and on Monday morning with the Daily. Until then, have a great weekend everyone!
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