You are smart subscribers. OEX Options was just rated in the top 10 Readers Choice Option Advisory Services by Stocks and Commodities Magazine!!! We're proud to provide this service, and are honored by the award and your business.
Yesterday we taught that after any 100 point up day there must be the follow through for any exhaustive gap up, or bear market rally, to begin. And it failed yesterday, with the market hitting 6550 on the theoretical Dow by 2.30 p.m.
Traders holding the March310P sold to highs of 8.20, for up to 70% returns on a two day hold!!! However, we'll stop loss on the March370C today, making this our fourth call loss, winning 18 of the last 22 trades.
The market is so overbought it's shocking, as even "the end of the world" often offers hope, as we saw in the 200 point run up the day before.
We will not yet project lower bottom tests. The media is abuzz with just how far this can go down, and what can happen. I believe if the country could unify in commitment, and stop the bipartisan games we'd be progressing.
Or Floyd's idea: Hire Warren Buffet, George Soros, Bill Gates, and three other true business economists and give them the control. Get it away from Congress. Let a "forum" develop the Obama plan that has been passed.
__________________________
To succeed in trading one must know the self first. The self is our created image of who we are, and the emotions that we show. As an example, Floyd believes that the math/analytical individual may do well at following patterns, but poorly at following the emotions of the market. Conversely the emotional person will tend to believe what they think should happen, rather than what does happen, and will fight the curve.
As an example, late last year even with the significant increase in money there was not a positive influence on the economy. Credit held tight as the banks hoarded, as Paulson had no controls to the bailout. Investors moved to money markets, Treasuries, and cash, which slowed the money supply.
Banks, which were never cautious at all, became cautious.
Friends of Floyd know that I have never put money in a bank, nor ever will. I don't think they are smart traders, or business people. I would never trade with a full service broker, as I believe the majority of them "kids" being lobbied to trade stocks, not invest for the investor. I personally know the FDIC is a sham, with barely enough money to cover a few bank failures, and personally believe banks have never understood even what the investor wants, and instead "created" what the investor will have.
And, the banks and brokerages have all been defiled.
Trader DS sent a shocking article and link. Please read carefully.
Hey, Floyd.
I ran across this and wanted to kick it your way for review. You have the subscriber
base that could make a difference provided you endorse it and its legitimacy. I would
really affect the OEX community and all fellow traders.
“A Congressman from Oregon has introduced a bill that would impose a transaction tax of 0.25% on sales/purchases of stocks/options/futures. I am enclosing a link to a
petition that has been started against this tax, a link to the Congressman's contact
info, and a link to info on the bill and other sponsors. The Congressman wants Wall
Street fat cats to pay for what they are doing by implementing this tax to help reimburse TARP. He amazingly doesn't realize (or doesn't care) what this would do to the average person who is starting to take control of their portfolio or trying to recoup losses by trading (since this would impact transactions even losses would be taxed not just profits). Hope you find this info helpful and please pass it along.”
http://www.opencongress.org/bill/111-h1068/show
http://www.rallycongress.com/no2tradertax/1536/tell-congress-to-block-trader-tax
http://www.defazio.house.gov/index.php?option=com_content&task=view&id=127&Itemid=74
http://www.finalternatives.com/node/7043
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