First we made great profits yesterday! The OEX.X APR 2010 540.0000 CALL was easily available as low as 3.00, far below prior close, and hit $4.10 by 2.40, for a $1.10 per contract profit.
Traders also took entry to the put, noted as our open signal, and we will now hold.
We consider the market just too happy, too many up days, and will not have a new call position today. Let's wait and see how the market holds.
With the Dow industrials climbing to a 17 month high and 90% of stocks are right now straining above their 50 day moving average the market appears ripe for consolidation, and it's the extent of the correction that puzzles the analysts.
The health care bill passed. No one in the GOP voted for it, showing the deep divide in this country, and the intent of the party. Futures were low last evening after the vote.
Whatever your feelings, change occurred. When change occurs, more occurs. This is what Obama is now counting on, to regain momentum in what already appears to be an economy that "may not need a second start, as Krugman thinks.
-Walgreens reports earnings before the market opens
-Existing home sales should show positive data
-The market remains at market tops.
And for a Floydian rant after history has been made. I have spent a year listening to the GOP bullshit hit our lives on socialism, on the great debt Obama is incurring, and how "we did nothing right." This article explains just what really did happen:
http://www.theatlantic.com/magazine/archive/2010/03/green-geithner/7992/
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