OPTIONSMART MORNING UPDATE: Plunged on news from the World Bank
June 23rd, 2009 at 6:11 am|
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OPTIONSMART MORNING UPDATE: Plunged on news from the World Bank |
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1. OUTLOOK: Declining issues outnumbered advancers by 10-to-1 in the S&P 500. One sector that had otuperformed yesterday was telecom services, with modest gains in large cap names such as Verizon and AT&T. Apple said it sold more than 1 million copies of its new iPhone 3GS in the first three days it was on sale, in what was being described as the most successful launch of a smartphone ever. On the Nasdaq, decliners topped advancers by more than five to one. QQQQ's implied volatility rose as large traders accumulated put options to hedge their portfolios. However, this rise wasn't dramatic. We believe the present pullback will be short lived and the bull trend will continue soon.
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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:
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: Some traders consider trading as a sort of gambling. Without planning and calculations, they throw money at the market. They should distance themselves from gambling behavior. Why a scientific approach is applicable? Markets echo similar patterns over and over again. It allows identify reliable trends and select good trading vehicles. |
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5. SPECIAL OFFER: n/a
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