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trend trading stock, stock trading
[Weekend Summary]
Dear Member:
I'm sending this a little before market close today since I am going fishing this evening and am about to shut it down for the week. With option expiration, things have been a little wild and wooly today and markets down pretty significantly as I write. The S&P has been unable to break resistance around 1350 and is heading down with the next strong support over 40 points away. The Dow is also diving and support looks to be around 11,740 which, as I write is more than 110 points down from here. The Nasdaq has also broken down through the up trend so all looks pretty bearish at the moment, BUT option expiration often does create some wildness. I did little this week and mostly stood aside as we approached this chaotic day. Monday and Tuesday should give a clearer picture.
The long LEAPS call leg of my Knight Trading (NITE) spread is in the profit column and the short leg with a Jul expiration should be gaining ground so all is well there for now.
The straddle on Stec, Inc (STEC) is gaining ground fast and so far no adjustments are necessary for me. So, too, the Cognizant Tech Sol (CTSH) put spread appears to be fine as the stock price turned down with the markets.
Citigroup (C) is at support and I am waiting until early next week to see whether to sell something against my long LEAPS.
If the market continues to dive, I'll be looking at some bearish plays early next week.
Have a great weekend.
Bill
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