S&P failing 1,860 (/ES) makes a good shorting line (with tight stops over). Should be confirmed by /YM below 16,350 and /TF below 1,134.
Oil $103.23 (June /CL), gold $1,290 off $1,285, silver $19.43 off $19.30, copper $3.04 rejected at $3.05, Nat gas flatlined at $4.75 all weekend and gasoline $3.05 with the Dollar at 79.95.
CNBC has a guest host predicting 2,014 on the S&P for 2,014 and the WSJ is touting the lasting recovery on their cover so that's the spin for the day and today will be another very low-volume day so it won't mean a thing and the show can go on – at least until tomorrow.
Earnings should be this week but I don't see a date and the options are really expensive so maybe not a play since Q1 earnings should have been pretty good but, after that, a short might be nice. I visited most of the casinos in AC this weekend and the Trump Plaza is run-down and neglected and empty and understaffed but the Trump Taj Mahal is where they seem to be putting their money – it was very nice. All the CZR properties were busy but they were hosting the World Series of Poker this weekend, so hard to say what the trend is but I was impressed by the very good use of money to spruce up all 4 of their hotels.
Even Revel was busy (they almost went BK) and a surprising amount of families at the hotels – that's unusual for Atlantic City.
CZR is back where we like to own them ($18) and 2016 $12.50 puts can be sold for $3.20 and those pay for the $15/22.50 bull call spread at $3.40 for net .20 on the $7.50 spread. Since your net entry is $12.70, even ordinary margin is just $6.35 but TOS only charges $1.55 so the short puts alone are very margin-efficient as well.
Let's put 10 of those spreads into the Income Portfolio!
Sam & Ralph – When Jackie was little she pointed out to me that Sam was not, as I claimed, Wile E. Coyote because he had a red nose.
April 21st, 2014 at 9:24 am
Good morning!
S&P failing 1,860 (/ES) makes a good shorting line (with tight stops over). Should be confirmed by /YM below 16,350 and /TF below 1,134.
Oil $103.23 (June /CL), gold $1,290 off $1,285, silver $19.43 off $19.30, copper $3.04 rejected at $3.05, Nat gas flatlined at $4.75 all weekend and gasoline $3.05 with the Dollar at 79.95.
CNBC has a guest host predicting 2,014 on the S&P for 2,014 and the WSJ is touting the lasting recovery on their cover so that's the spin for the day and today will be another very low-volume day so it won't mean a thing and the show can go on – at least until tomorrow.
I think it's time to short WYNN again ($208) – not that I ever thought it shouldn't be shorted over $200 but now we have this:
Earnings should be this week but I don't see a date and the options are really expensive so maybe not a play since Q1 earnings should have been pretty good but, after that, a short might be nice. I visited most of the casinos in AC this weekend and the Trump Plaza is run-down and neglected and empty and understaffed but the Trump Taj Mahal is where they seem to be putting their money – it was very nice. All the CZR properties were busy but they were hosting the World Series of Poker this weekend, so hard to say what the trend is but I was impressed by the very good use of money to spruce up all 4 of their hotels.
Even Revel was busy (they almost went BK) and a surprising amount of families at the hotels – that's unusual for Atlantic City.
Sam & Ralph – When Jackie was little she pointed out to me that Sam was not, as I claimed, Wile E. Coyote because he had a red nose.