Market Review

Greeting Friends,
Like clockwork, the bulls propelled us off the SPX 20-day ema yesterday to form what looks like another bull-flag breakout. Stock prices propelled out of the market open on Monday and never looked back to close just off the highs of the day. It was an impressive move considering volume was anemic and a lot of Wall Street was absent for Yom Kippur. That didn’t stop the bulls, though as we look to be primed for yet another move to the upside. It is possible, yesterday’s move was a fake-out considering the light volume but if so we should fail and sell-off today in a Turnaround Tuesday scenario. Another close above yesterday’s highs and I would look for higher prices to come. Tuesday indeed could be a focal point to predict the next market move. Let’s see what happens

SPY Trade

Greeting Friends,
I entered SPY Call 101 Sept 09 at 3.75
No stops, look at next week movement.
Sell half at double.

Market Review

It was another great day for the bulls on Thursday. After showing some weakness early, stock prices rebounded and forged higher throughout the session to close at the best levels of the day. Five straight days of gains for the SPX cash now and a new high was made as well. With just 10 points to our next target, it appears the bulls are not done yet. Friday we could see a pullback day as we are due but even if we do, I would look for that as an opportunity to buy on the dip. Unless it’s a large engulfing type of session, I am more than likely looking for higher prices next week.

I'm looking to enter Call SPY/DIA/QQQQ on Sept/Oct Options.