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Thursday, October 11th, 2012
1:00pm(EST)
The bulls got off to a great start this morning as they made a push to prior support levels but the action is favoring the bears as these levels are now trying to hold as resistance. When a stock or an index breaks a key support level, usually there is a back test before another leg lower. If the stock or index reclaims this level then it can be considered an “overshoot”. We are in the early stages, naturally, as we wait to see what unfolds but the lower highs and lower lows are consistent of a trend change.
Economic news came in better-than-expected as Jobless Claims fell 30,000 to 339,000 which marked the lowest level since early 2008. The problem is that this number is also being scrutinized as one state didn’t have their tally ready and those figures will be reflected next week. This follows last week’s “surprising” drop in Nonfarm Payrolls from 8.1% to 7.8%.
Shares of Sprint Nextel (S, $5.73, up $0.69) are up 14% after the company confirmed Softbank, a Japanese mobile-carrier, was talking to them about buying a majority stake in Sprint. Clearwire (CLWR, $1.78, up $0.48) is also up on the news because Sprint owns a majority stake in that company which could also be in the mix. (continued…)
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Wednesday, October 3rd, 2012
9:00am (EST)
The market ended mixed again on Tuesday but this time it was the small-caps and Tech that finished positive while the blue-chips took a hit. There was another push towards resistance by the bulls at the open but we mentioned the bears had momentum in our midday update as they also pushed support.
The Dow dropped 33 points, or 0.2%, to close at 13,482. The blue-chips kissed a high of 13,567 shortly after the opening bell but once again never made a serious push at 13,600. The low for the session came in at 13,424. The Dow is still less than 1% away from 13,350 but also less than 1% from clearing resistance.
The S&P 500 gained 1.26 points, or 0.1%, to settle at 1,445.75. The index cleared resistance at 1,450, briefly, after trading up to 1,451.52 within minutes of the open. However, the low came in at 1,439 which was lower than Monday’s intraday bottom.
The Nasdaq added a 6-pack, or 0.2%, and went out at 3,120. Tech reached a peak of 3,131 but faded down to 3,101 with a little over an hour to go. We have said how crucial the 3,100 level was this week for the bulls and it seems buyers came in right at support. A break below 3,100 could get 3,050-3,000 in the mix real quick.
The Russell 2000 added a fifth of a point and was flat at 840 while the S&P Volatility Index ($VIX, 15.71, down 0.61) fell 4% and went out at its lows.
Futures are showing a slightly higher open this morning and look like this: Dow (+15); S&P 500 (+2); Nasdaq 100 (+7). Subscribers, check the Members Area for the updates.
Tags: binary options, call options, futures options, high beta stocks, Hot stocks, momentum options, Momentum stocks, option market, option tips, options, options mentoring, options trading, options trading course, stock market options, weekly options, what are options
Posted in Hot Stocks, Market Commentary, Mergers and Acquisitions | Comments Off
Monday, February 6th, 2012
12:40pm (EST)
The market is trading slightly lower to start the week after another failed weekend of talks between Greece and the European Union. The head officials want Greece to sign-off on new austerity measures and several of the politicians are against the new rules as you can imagine. They still want to kick the can down the road for another couple of years but they can’t bite the hand that feeds them.
Greece has been a drag on the indexes for months but the market continues to move higher which shows that it may not be a big deal if they do default. Sure, there will be a knee-jerk reaction if there is, and Greece is suppose to submit its final proposal today or tomorrow with a EU vote on Thursday. Stay tuned.
In merger Monday news, O’Charley’s (CHUX, $9.80, up $2.88) is up over 40% despite reporting quarterly earnings well below Wall Street estimates. The company posted a loss of 38 cents a share on revenue of $182 million. The suit-and-ties had expected a loss of 22 cents a share on sales of $181 million. The good news for shareholders is that O’Charley’s also said it would be acquired by Fidelity National Financial (FNF, $18.23, down $0.20) which has a history of doing small deals like this.
We mentioned last night in our Weekly Wrap that economic news would be light for today and tomorrow so earnings and Greece will be the catalysts that move us higher or lower.
As we head to press, the Dow is down 43 points to 12,819 while the S&P is off by 4 points to 1,341. The Nasdaq is lower by 9 points to 2,896. The market may be lower but it feels as though it wants to go higher today.
We do have some good news with our current trades as most of them are in the green and are extending last week’s powerful gains. Yes, it is a stock picker’s market which we have proven for the last few months but the talking heads are now just realizing it.
We have locked-in profits on a few current winners and our Dendreon (DNDN, $16.18, up $2.01) call option trade is surging today as the stock is up 14% on no news.
We also have a NEW TRADE and profits to take on 2 other call positions as one of them is up nearly 60% since Friday while the other is up over 50% in just one week!
Subscribers, check the Members Area for the updates and we will be back in the morning with the latest & greatest.
Tags: call options, CHUX, dndn
Posted in Earnings, Hot Stocks, Mergers and Acquisitions, Trade Update | Comments Off
Monday, November 28th, 2011
9:00 (EST)
The market continued its recent slide as the bears had their best bull feast in nearly 80 years as Wall Street fell 5% last week. The recent selling pressure became much more serious as all of the indexes fell below their 50-day moving averages (MA) with the bears stretching their winning streak to seven-straight sessions.
The headline news read like a Vegas betting parlor as a number of European countries face further risks of defaulting. Germany was the latest country which showed a chink in the armor after trying to raise $6 billion euro but was only able to raise a little over half of it. Spain also went to the well and was successful in its bond auction but the yields came at a hefty price. Italy faces a huge crisis in 2012 if they can’t raise more dough, and they are trying, but it’s costing them an arm-and-leg.
The news here at home continues to come in better-than-expected and this week will be big with a number of month-end reports due out. As far as the charts, they have been stretched which often happens when headline news trumps the technical picture. The bears have clearly had the advantage and at some point there will be a rebound but until Europe can figure out its mess, the market will be held hostage.
The Dow slipped 26 points, or 0.2%, to finish at 11,232 on Friday’s shortened session. We went into the week looking for 11,600 to hold but that level was taken out on Monday. Our next downside targets were 11,400 and then 11,200, which held, but there is risk down to 10,800 this week if current levels don’t hold. If the bulls can get past 11,400 (black line, purple circles) then they could make a run back towards 11,600 and then 12,000 but the news has got to be awfully good. For the week, the Dow dropped 564 points, or 4.8%, and is now down 346 points, or 3% YTD…
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If you are not a subscriber but would like to read more about where the market is headed and to take a closer look at our chart work along with our current trades, please click here. Since early August we have made 48 recommendation, both calls and puts, and have hit on 40 out of 48 trades for a winning percentage of over 80%! Some of our recent winners include:
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Futures are pointing towards a strong start for today’s session and look like this: Dow (+255), S&P 500 (+34), Nasdaq 100 (+53). We recommended 4 new trades on Friday and after two weeks of being patient and building new positions, hopefully we get the surge we have been expecting. Subscribers, check the Members Area for the updates.
Tags: Dow, Momentum stocks, stock options trading advisors
Posted in Apple, BioTech, China, Commodities, Company Commentary, Covered Calls, Earnings, Economic News, Entertainment Stocks, European Union (EU), Financial Stocks, Futures, Gold, Google, Hot Stocks, IPOs, Market Analysis, Market Commentary, Mergers and Acquisitions, Money Management, Oil, Option Trades, Rick's Account, Sectors, Stock Earnings, strangle option trades, Trade Update, Trading Psychology, Trading Tips, Uncategorized, VIX, Watch Lists, Yahoo / Microsoft | Comments Off
Friday, November 11th, 2011
8:45am (EST)
The bulls got back a third of Wednesday’s losses following yesterday’s rebound as the market finished higher by about 1%. The bounce came after the European Central Bank (ECB) increased its bond buying which lowered the Italian yields and gave Wall Street some confidence.
Italy is paying a yield of nearly 7% to sell 12-month debt, and although there was relief the yield stayed at 6.9% following Wednesday’s spike above 7%, worries remain that the country’s borrowing costs are unsustainable.
There was also some clarity in who could be the next person to lead Italy as former European Commissioner Mario Monti emerged as the front-runner to replace Silvio Berlusconi. This could become official as soon as this weekend.
As far as Greece, they named a new Prime Minister yesterday which also provided some stability. Lucas Papademos, a former VP at the ECB, will now be in charge of getting austerity measures passed.
As far as the market, the Dow gained 112 points, or 1%, and finished at 11,896. The index reached a high of 11,961 while we were doing our midday update but was unable to reach the 12,000 level. We would like to see a run past 12K today and said earlier this week 11,800 should hold.
The S&P 500 added 10 points, or 0.9%, and closed just under 1,240. The index kissed a high of 1,246 but fell just short of triggering 1,250 which is where we would like to see the index finish today. The low was 1,227 and we were watching 1,225 like a hawk which we said had a strong possibility of holding.
The Nasdaq lagged for much of the day but advanced a little over 3 points, or 0.1%, to settle at 2,625. Yesterday’s low of 2,601 still puts downside risk at 2,600-2,550 but the bulls will try to push 2,650-2,700 before the weekend hits.
Futures are pointing towards a strong open this morning. Dow futures are up 100 points to 11,955 while the S&P futures are higher by 13 points to 1,250. The Nasdaq 100 futures are advancing 23 points to 2,326. Subscribers, check the Members Area for the updates.
Tags: binary options, call options, futures options, high beta stocks, Hot stocks, momentum options, Momentum stocks, option market, option tips, options, options mentoring, options trading, options trading course, stock market options, weekly options, what are options
Posted in Market Commentary, Mergers and Acquisitions | Comments Off
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Another Strange Session
Wednesday, October 3rd, 2012
9:00am (EST)
The market ended mixed again on Tuesday but this time it was the small-caps and Tech that finished positive while the blue-chips took a hit. There was another push towards resistance by the bulls at the open but we mentioned the bears had momentum in our midday update as they also pushed support.
The Dow dropped 33 points, or 0.2%, to close at 13,482. The blue-chips kissed a high of 13,567 shortly after the opening bell but once again never made a serious push at 13,600. The low for the session came in at 13,424. The Dow is still less than 1% away from 13,350 but also less than 1% from clearing resistance.
The S&P 500 gained 1.26 points, or 0.1%, to settle at 1,445.75. The index cleared resistance at 1,450, briefly, after trading up to 1,451.52 within minutes of the open. However, the low came in at 1,439 which was lower than Monday’s intraday bottom.
The Nasdaq added a 6-pack, or 0.2%, and went out at 3,120. Tech reached a peak of 3,131 but faded down to 3,101 with a little over an hour to go. We have said how crucial the 3,100 level was this week for the bulls and it seems buyers came in right at support. A break below 3,100 could get 3,050-3,000 in the mix real quick.
The Russell 2000 added a fifth of a point and was flat at 840 while the S&P Volatility Index ($VIX, 15.71, down 0.61) fell 4% and went out at its lows.
Futures are showing a slightly higher open this morning and look like this: Dow (+15); S&P 500 (+2); Nasdaq 100 (+7). Subscribers, check the Members Area for the updates.
Tags: binary options, call options, futures options, high beta stocks, Hot stocks, momentum options, Momentum stocks, option market, option tips, options, options mentoring, options trading, options trading course, stock market options, weekly options, what are options
Posted in Hot Stocks, Market Commentary, Mergers and Acquisitions | Comments Off