Bucket 3: Long GDX

just bought some GDX for bucket 3.  we are proably buying it too high but for bucket 3 that's not so important right now first target $65.50.  but it is bucket 3 so we want to keep it for a while stop at $60 for now

Bucket 2: closed short position in UA entirely

Closed short position in UA at $83.54 after reducing it last week already at lower prices don't want to take the risk of this thing breaking higher momentum funds can easily chase it higher into a pop in the broader market

Wedge On The S&P 500 Chart

note the wedging activity happening on the S&P 500 here on an hourly chart.  a breakout to the upside is entirely possible…

Bucket 3 Idea: Short ANF Calls

ANF fell hard (almost 17%) last Thursday as the company announced weak guidance.  That has left out of the money calls with good volatility and hence juicy options premium.  We are considering selling out of the money calls with January expiration in the name later today.  On the weekly chart note the trading range for […]

Bucket 2: Potential Long-Side in SPY

Little technical here folks, but look at the S&P 500 futures chart below.  Note last Friday we retraced and held 50% of the move from Nov1 up to Nov 3.  We also have an unfilled gap up above from last week and the 23.6% Fibhonacci extension gets us right up there.  A long-side try via […]

Bucket 3: Gold Miners (GDX) Long-Side Idea

The near-term opportunity lies in an unfilled gap (gray zone)…it fills around $64.25. If we compere the GDX versus the GLD over a two year period we note the spread between the two fellas is wide.  The chart below is normalized:  

Watching the German Dax

we continue to keep a close eye on the European markets…both rates and equities.  In case of equities the German Dax will  have good support around 5750, not too much lower from here… just something to watch

Morning Thoughts Monday November 7

After early morning weakness on Friday U.S. stocks managed to find support and rallied for the rest of the day all the way into the close.  On the week U.S. stocks fell which led the market to its first weekly drop since September.  The situation in Europe remains unstable even as Greek politicians are nearing […]

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