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Friday, March 29, 2024

Wimpy Wednesday Wrap-Up

Not a very exciting day.

I like to think that not going down was good but it was the end of the month and funds may have wanted to hold out before taking their losses so they could dress up one last virtual portfolio (and what a great excuse the drop is for the underperformers to point to!).

We did not hold out levels and I made a mistake saying Russell 780, I meant 800 so I’m not happy with any of them so I’m going to skip a depressing rundown and leave it at that..

I hope my warning this morning was taken to heart as we got just what we expected, across the board rejections at the 20% retracement line.  We’ll see tomorrow how Asia opens, we need a real recovery there to get our markets back on track!

Gold took a nice tumble today and we’ll see if it lasts but, after falling back to $60, oil was pumped up at the close yet again, testing $62 and finishing at $61.79 against a flat dollar.

Nonetheless at 10:07 I said: "I’m doing a ‘mon back on XOM $72.50 puts at under $1!" and I happened to be on the radio at the time (listen here) where I told the entire country to buy the XOM puts (since it’s very liquid I wasn’t worried about not getting mine).  After trading all day at .85-$1.05, the puts took a nice turn in the afternoon and finished the day at $1.75 – not bad for a day trade in a poor market!

I also told the radio audience that Google was good for a $10 pop as Google was laying at $446 and it jumped to $453 just 45 minutes later.  The $460 puts I suggested went from $4.70 to $8.30 but by the time I was going to mention the trade here it was already at $7.50 – that’s what prompted me to take another look at the new virtual portfolio tracker we are considering for the member section.  In this market – we will need to be faster than ever to take our trade opportunities.

I suppose I ended the day a little bullish as I sold my DIA June $124 puts for $3.50 (up 169%) while holding onto the June $124 calls.

 

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