Comments on: Positive Open

By: Jorge

Jorge — Wed, 28 Nov 2007 20:42:55 +0000

I’m speechless at the run we’re having today. I’m even more speechless that we’re holding up so well approaching the close. Hooray for SPY straddles!

By: Jorge

Jorge — Wed, 28 Nov 2007 16:45:29 +0000

Relatively speaking, it looks as if things are holding up. I have some SPY puts in place just in case the bears grab hold of anything. It feels great going from a fundamental trading style to a technical one.

By: Blain Reinkensmeyer

Blain Reinkensmeyer — Wed, 28 Nov 2007 15:33:22 +0000

NASDAQ up 2%, S&P500 up 1.7% as of 10:32 AM, to me though it all comes down to the typical 11 AM sell off coming around the corner. Curious to see how it turns out. If the market holds up then we should finish out the afternoon nicely. Financials are leading right now with GS, AIG, WM, and MS all up over 5%.

By: Jorge

Jorge — Wed, 28 Nov 2007 14:19:57 +0000

I’m thinking along the same lines but more with the S&P than the Dow. There’s going to be a nice battle at S&P 1440 today. If the bulls can hold the line, we should see some improvement in the market. I’m in your position. If the bulls can hold 1440 decisively, SPY calls may be worthwhile since the next level of overhead resistance is near 1470. If not, we could see the S&P retest near 1400. I’ve only been doing this since the summer, but I’ve learned that you must be very nimble in a market like this.