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trend trading stock, option 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.
$10 Trader has not been hit hard by the falling market. I added a position in China Grentech (GRRF) this week and it is up since my entry. Premier Exhibitions (PRXI) announced a new multi-city Star Trek exhibition and has held well at support.
City Telecom HK (CTEL) has also held support so far.
Blackrock Sr Hi Inc Fd (ARK) has been moving sideways which is fine with me as it continues to pay almost 5 cents a month a share in dividends which is pretty good for a stock trading near the $5 a share level.
Introgen (INGN) is still a bet on news about cancer treatment testing and can't be expected to do much unless and until there is good news on the testing. If the news is good, I would expect to see a significant jump.
Have a great weekend.
Bill
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