MomentumOptionsTrading.com Midday Update for 6/25/2014
Bulls Rebound, Reclaim Support/ Profit Alert (BBRY)
It has been a busy 2 weeks for the portfolio as I recommended over a dozen trades during the run to new highs from late May into mid-June.
There was follow-through by the bulls into this week as the major indexes all but nailed down my December fluff targets on Monday and Tuesday and the late-day pullback came on a dime.
There were specific signs I have said to watch for on the stair-stepping to all-time and decade highs. The downside targets I have listed could be elevator drops if the selling pressure picks back up.
I have talked about the VIX touching single-digits and while the bulls came close, I said it was unclear if this would happen sooner rather than later. Those signals became clearer on Tuesday but today’s 3% dip back below 12 is bullish.
Heading into the final hours of trading, the Dow is up 23 points to 16,841 while the S&P is higher by 4 points to 1,954. The Nasdaq is advancing 15 points to 4,365 and the Russell 2000 is pushing 1,175 with its 2-point pop.
While the dust settles, there is another Profit Alert I have for today on a trade that returned 131%.
Subscribers, hit the Members Area for the latest updates.