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stock market today, stock market
[Weekend Summary]
Dear Member:
The bullishness became more convincing this week as the major averages moved higher. Today was essentially nondescript on lower volume coming into the weekend with much depending on the Fed next week. It looks like there is a greater expectation that the Fed will drop rates a half point, and if it is only a quarter point drop we may see some adverse reaction in the market.
Thought I made an unsuccessful attempt to close the iron condor on the Russell 2000 (RUT), the play looks to be in very good shape at the moment with less than 2 weeks to go until expiration.
I adjusted the bear call spread on United Technologies (UTX) when the stock appeared to have turned back bullish. I took a loss on the short 75 call leg but kept the long 80 calls to try to turn things profitable or at least to reduce any loss. So far, so good.
The spread on the S&P 500 (SPY) looks really good at the moment. The spread on Sirius Satellite Radio (SIRI) is also in decent shape with a whole lot of time to go. Citigroup (C) leveled off today and I may have a chance to close or roll the short leg on another dip. For now, nothing to do on that one either.
I still hold my position in the UltraShort QQQ (QID) as a hedge though that currently looks less necessary than it did a week ago. Of course, the Fed could cause the market to reverse on a dime next week though.
Have a great weekend and thank you for subscribing.
Bill Kraft
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