OPTIONSMART MORNING UPDATE: Downside seen limited
June 24th, 2009 at 8:01 am|
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OPTIONSMART MORNING UPDATE: Downside seen limited |
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1. OUTLOOK: The market remained in a "wait-and-see" mode. Home sales fell short of forecasts. The Federal Reserve began its two-day policy meeting with an announcement expected today afternoon. Oracle topped forecasts despite weak sales and profits. The stock rose 3% after hours. However, the market needs more catalysts to bottom out in the near-term. US futures point to a higher open. 
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2. TRADING OPPORTUNITY: n/a |
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3. OUR FREE MONTHLY TRADING RECOMMENDATION
AUTO-TRADABLE WITH OUR PARTNER BROKERAGES:
to be
published in July.
Current
open position (entered on Monday, June 22,
2009):
QQQQ
Debit Call Spread
Long QAVIH Sep 34 Call Short QQQIJ Sep 36 Call Debit 1.32, Target Credit 1.46 |
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4. WISDOM NUGGETS: Trading is a psychological game. Most people think that they're playing against the market,but the market doesn't care. You're really playing against yourself. |
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5. SPECIAL OFFER: n/a
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