Friday the market moved to a Dow top of 12, 730, and bottom of 12,577. The market continues to show signs of a "fight" to the 12,800 area. We continue to see a downside potential move to 12,540, a strong repeating support line, and a stronger upside to follow to as high as 12,950 to 13,050.
Risk traders playing the June640C Friday would have sold out on stop loss for a 1.00 per contract stop loss, and we continue to hold a first buy position to the June630P.
Floyd is flying today, and will NOT be answering emails during the trading day, but this is good. Right now we are simply in a buy and wait mode, as the market must stabilize beyond a trading range in order to again show the 200 point Dow moves that make us the most money.
The rally we saw last week was actually quite lackluster. The first trading day of the month typically has an upside bias, so we may see the market high today or tomorrow. Of interest, the Nasdaq had held above its 200 day moving average, but as volume decreases, we may be reaching a bearish top, and the Nasdaq on a trigger could be the lead to the sell off
Presidential candidate John McCain, who appears Bush's younger brother, recently said: "I will NEVER surrender in Iraq. Let me repeat that. I will NEVER surrender in Iraq."
Seems to be an old war hero with testerone issues. I call people like this, and Bush a good example, DEADLY right. Remember, as you vote, do you want "experience" or even the possibility of change? What has "experience" recently given us?:)
To any Republican subscriber that can successfully prove to me five real things that Bush has done in 8 years that are GOOD, I'll provide a year of Blue Chip Option service, and I'll publish your work. There's a challenge. The only rule: these must be REAL five things that can be agreed upon. Saving us from another terror attack, one I hear constantly, does not qualify as "real":)
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