Yesterday the market opened with huge negative futures, and the market dropped to 9998 before 11 a.m. This allowed us great entry to the OEX JUN 19 2010 500.00 CALL as low as 6.80, with sales to 9.30 by 2.30 pm.
Step # 1 of our ongoing whipsaw began. Study your Dow projections again carefully, and we will be playing the same positions again.
Fitch just downgraded Spain's AAA bonds. Automakers report May sales, which analysts expect to rise. The May ISM index also will come out. will show a dip, but still at strong levels.
Today the SEC sponsors a round-table discussion on market structure. Kool aid and cookies will be served.
Tomorrow any big retailers (Limited, Costco, Abercombie and Fitch, TJX, Target and Kohls report May sales.
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