[Weekend Summary]
Dear Member:
Though the market moved up in a shortened trading day today, it still looks as though it may continue bearish overall to me. The Dow industrials dipped near the 12750 mark on Wednesday before Thanksgiving and was down almost 130 for the week. That index along with the S&P 500 are below the 50 day exponential moving average. The Nasdaq Composite is above the 50 day but was also down for the week in spite of the Friday bounce. Holiday weeks can send false messages though and next week will give much more information. While we may get a bounce, I look for more bearishness near term at least.
The iron condor on the Russell Index (RUT) with December expiration is still in good shape. I did close the short leg of the spread on Citigroup (C) and was able to capture a $1.18 a share profit on that leg before commission. I definitely expect to sell something against my Jan calls next week as well.
I also will be looking for an adjustment on the QQQQ spread and exactly what I will do will be determined by early week market action.
Both the Sirius Satellite Radio (SIRI) and SPY spreads are still fine for now.
I suspect I'll be adding some bearish positions next week.
Hope you had a great Thanksgiving. I'm still stuffed.
Bill
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