[Weekend Summary]
Dear Member:
The markets certainly are looking more bullish though we may just be seeing a little bear market rally. The Dow was up for the week and has managed to get above the 13000 level. The same is true with the S&P dealing with the 1400 level. The Nasdaq Composite ran into a little trouble as it tried but failed to get above 2500. Though there has been some bullishness, I am not terribly impressed by the volume which has been a bit tentative. In other words, a little snorting and pawing, but no real charge yet.
The SPY diagonalized calendar spread and the spread on Citigroup (C) both continue to look good. The condor on the Russell 2000 (RUT) was almost in a position where an adjustment needed to be made, but it, too, so far, has remained where I would like it to be.
I bit the bullet and took a modest loss on my Watson Pharmaceutical (WPI) puts and although CTSH has given a little bearish indication, I have my finger on the trigger for a possible exit to those puts as well. It may be that the market is, indeed, turning and these put plays are being victimized.
In the meantime, the good is definitely outweighing the bad for me in my portfolio so I'll just continue trying to take what the market will give me.
Once again, thanks for subscribing and thank you to the many who have bought and written that they have enjoyed my book, "Trade Your Way to Wealth."
Bill
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