OPTIONSMART MORNING UPDATE: Managed to trim intra-day losses

June 9th, 2009 at 8:35 am

OPTIONSMART MORNING UPDATE: Managed to trim intra-day losses

1. OUTLOOK: The late-session turnaround was positive, but deceptive. Some optimism about the bank sector helped to counter worries about inflation. Apple introduced a faster version of its iPhone, lowered the price on its existing phone and offered details on its revamped operating system. However, this news failed to ignite the tech sector and the Apple stock fell 0.5%. The market needs serious reasons to move higher. In the same time, implied volatility remains low and doesn't signal bearish sentiment.

U.S.Futures point to a higher open.

QQQQ chart
2. OUR MOST RECENT  "MOMENTUM PLAYS" TRADE:
QCOM Jun 39/42.5 Debit Call Spread:
Bought @2.50 on 05/27/09 and sold @2.75 on 06/04/09 with a 10.0% gain in 8 days!
QCOM chart

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