So GE missed.....Here is one report I read, "The news has shocked the market, as analysts generally expected decent earnings from GE - especially since the company typically reports earnings near its guidance."
Uh huh, Okey Dokey.....I'm shocked too, I can't explain it.....who would have known? Smart Money couldn't possibly have known. There's no way GE could have missed earnings! It must be a miss-print. Can we have a do-over?
Soooooooo, I don't want to get started on my theories for what happened the past 7 days and what happened today.
I sold my SPY and DIA puts for a small profit. I took half out on my IGT put for a 27% gain in four days. I am watching my JCP and APOL puts because they are both right at a short term support with the market still weak and fading a bit. If we can't punch through I will liquidate both. Despite the GE miss, I'm still INTERMEDIATE TERM NEUTRAL on the markets until the price action gives me a new signal. So I'm still in Chop and Slop mode and taking profits sooner rather than later.
JCP is too fussy for me, so I dumped it for a small 11 cent gain and walked away. APOL is trying to break down just a little below the 46.75 - 47.00 support area, so I'm still hanging with it. IGT is throwing too many Dojis these days, so I dumped the rest for a 25% final gain on the entire trade. I want to be fairly flat the market going into the weekend, and I'm getting there today.
Well, GE dumped the markets today. The Dow, SPX, and Naz all broke diagonal support and are getting close to short term horizontal supports. The Dow has horizontal support at 12,200, the SPX at 1,315, and the Naz has a support zone between 2,260 - 2,280. I wouldn't be surprised to see the markets drop a little more on Monday and test those areas. I also wouldn't be surprised if those areas hold short term until we get the INTC numbers after the close on Tuesday, and the JPM numbers before the open on Wednesday. I will stay with my puts through Monday, for now, barring any signals from the market to do otherwise.
I will put out a watchlist tomorrow.
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It sure looks like the money coming out of GE and Tech is going in Ag...
ReplyDeletePOT, AGU, CLF all up as the Dow approaches minus 200.
Yeah, what do you think of MOS, POT, CLF? They holding up well when market is down quite a bit. Think they will get dumped towards the end of the day?
ReplyDeleteLooking the April 120/125 Bull Call on DECK for about 1.60. Thoughts??
ReplyDeleteThanks,
Gary
To the Chemical Stocks: it looks like they are all topping out a bit short term, lots of Dojis. I like the pullback on CLF the best right now.
ReplyDeleteGary: DECK is Flagging right now, but in our conditions, and with earnings, you may want to wait for a confirmed bounce. You also may want to come down on your strikes a little, they are well out of the money.
Bear call DECK April 120/125-oooops!!
ReplyDeleteWhere is today's GNB (good news bogie)?
ReplyDeleteDwight, just a true thanks for being ..... well being Dwight. My bro'Steve and I really are thankful for your teaching and feel YOU are worth the $$ spent for our IT PHD. All right, now that is out of the way, lets learn and make some $$$. I took IGT, AEM, DBA, APOL and some SPY's and minis last week ...
ReplyDeletetotal - $ 600.00 or so BUT very pleased with the trades I took, good smart trades (except the ES, oh well) Even though I am Neg for the week, I am Neg on good trades and that is OK. Only regret is that I had MGM on the breakdown only down $ 1.12 and did not take it .... missed the double ... so it be what it is ...... So after Monday's little drop ... CLF CALLS .. could be a good thing, my best profit % company for the year.
ken m,
ReplyDeleteI completely agree with you. I told Dwight the same thing...The IT PHD tuition was totally worth it to cross paths with Dwight.
Hey Dwight, when i was talking to you yesterday you said you had to record a marketcast. Did you do another recording? If so what and where so I can listen to it.
ReplyDeleteThanx
Hey Dwight, what do you think about a put on CBI? It closed lower than the low of the previous day with selling volume increasing. Target of $40 with a tight stop just above $45.
ReplyDeleteDwight:
ReplyDeleteGreat job last night on the ITVC-Appreciate the overview / background on the the markets.
Knowing the whys are just, if not more important than the hows of trading. Thanks for teaching both.
Ditto on Ken's and Christina's comments.
Lookin' forward to your mentorship / coaching in this earnings season.
Robert
CANI
To all: thanks for the positive comments and good questions. Keep persevering, and be smart with your trading, we are still in a real grinder market.
ReplyDeleteJeremy: No on CBI! CBI has a high probability of being a Bull Flag as part of a Reverse Head and Shoulders. No puts! In fact, watch for the confirmed bullish bounce at a higher low. Spreads are 20 to 30, so not bad. Try some paper calls on it this week on a bounce instead.
Ok Thanks. Scrap the puts on CBI! What was I thinkin??
ReplyDelete