OPTIONSMART MORNING UPDATE: Broad-based gains remain
June 12th, 2009 at 12:25 am|
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OPTIONSMART MORNING UPDATE: Broad-based gains remain |
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1. OUTLOOK: Despite the weak close, stocks were still able to log solid, broad-based gains. Economic data had little impact on trading this session. QCOM raised its fiscal third quarter revenue and operating income guidance based on stronger-than-expected demand for the company's chipsets. The trend remains upward. The runup has been liquidity driven, with investors not wanting to miss the boat, even after three months of gains. However, the pace of the advance has been slowing lately and that's bound to continue. The immediate concern over the next few weeks is the rise in interest rates. The tech sector needs a catalyst to extend rally. 
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Jul 33/35 Debit Call SpreadBought @1.53 on 06/03/09 and sold @1.68 on 06/10/09
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3. TRADING
OPPORTUNITY: Buy FXI on weakness.
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4. OUR FREE MONTHLY TRADING RECOMMENDATION
AUTO-TRADEABLE WITH OUR PARTNER BROKERAGES:
to be
published in June.
Our most recent FREE pick:
QQQQ Jul 34/36 call spreads - bought @1.36 on
06/03/09 and sold @1.53 on 06/09/09 with a 12%
gain in 6 days! |
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5. WISDOM NUGGETS: "We simply attempt to be fearful when others are greedy, and to be greedy only when others are fearful." Warren Buffett |
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