All Calls Were Profitable Yesterday

Some chartists believe we have a 33 year bull market to correct, and were only one year into the correction. These chartists believe it cannot be fixed, and the 2002 low was our first sign of what a bubble we were building: Credit, housing, commodity, and the even larger stock bubble.

It all comes down to this: these chartists, the doomsayers, think we have seen the bull market top, and that we could still have nine plus years to go of a bear market, if the cycle traders are right.

The market reacted to the President's speech much as America did. Many like what he is doing, and many do not....so the market reacted in the same fashion, with another bottom test at 7116, and another top test above 7450, all before 3 p.m, with the market not holding and retreating in the last hour. We believe the market has more upside, but will reverse to our lower Dow projections in a short time.

All calls were profitable yesterday! We were able to trade the March370C right near our tops, and our OTM call recommendation from yesterday from lows of 1.50 to 2.80 tops by 3.30 p.m. again. We again saw the market top near 7444, with a strong whipsaw through the day.

We continue to see market tops, so be cautious with all upswing trades, as a market shift is very likely. We'll list a call to trade, but take tight profits, and be sure and follow futures carefully. Do not trade calls if futures are down more than 80 points.