OPTIONSMART MORNING UPDATE: Slammed on weak new home sales
October 29th, 2009 at 6:14 am
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OPTIONSMART MORNING UPDATE: Slammed on weak new home sales |
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1. OUTLOOK: Investors question strength of the economic recovery. Today's reading on gross domestic product growth is the key economic event of the week. GDP is expected to have grown at a 3.2% annualized rate in the third quarter.The weekly jobless claims report from the Labor Department is also due in the morning. QQQQ's implied volatility inched higher signalling about growing concerns. However, the market looks deeply oversold short-term and should find a support at these levels.
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2. TRADING OPPORTUNITY: Buy dips |
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3. OUR FREE
QUARTERLY TRADING RECOMMENDATION AUTO-TRADABLE WITH
PARTICIPATING BROKERAGES:
to be published in
January.
CURRENT OPEN POSITION: DIA Jan 95/98
debit call spread (bought @2.25 on 10/20/09, target
2.50)
MOST RECENT CLOSED
TRADE:
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4. WISDOM NUGGETS: Forget the news, watch the chart. The chart already knows the news is coming. |
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5. SPECIAL OFFER:Tap into QQQQ PIcks's remarkable win ratio - 97% (116 of 120) winners since 2003! Save 10% on recurring subscriptions by entering coupon code 1141 during checkout (expires on October 30, 2009). New subscribers only.
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