OPTIONSMART MORNING UPDATE: Tumbled on consumer fears
August 18th, 2009 at 8:59 am|
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OPTIONSMART MORNING UPDATE: Tumbled on consumer fears |
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1. OUTLOOK:The NASDAQ index ended at a one-month low. QQQQ's implied volatility spiked 10%. Looks like put buyers are hedging longs. After such a long run, a pullback was predictable, but it's unlikely to signal a bigger retreat. The government reports today on July housing starts and building permits, and July producer prices. Later in the week, reports are due on leading economic indicators, jobless claims and existing home sales. U.S. futures point to a higher open.
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2. TRADING OPPORTUNITY: Buy the market (SPY or DIA) on weakness |
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to be published in September.
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