Thursday, May 17, 2007
Back in the Game!
It's been a while but we are back in play. We got filled at $0.90 on the call side of our spread. We'll put the puts on later in the month.
The markets moved up strongly on econimic data. The SPX gained 12.95 points to finish on 1,514.14 and the Dow saw triple digit gains. When we placed our play the SPX was already up about 7 points.
Economic news provided traders a reason to buy with industrial production rising more than expected, as did housing starts. Industrial production gained 0.7 percent during April, well above estimates for growth of 0.2 percent. This data supports recent reports showing that the worst for the manufacturing sector might be in the past.
The housing sector continues to be a concern for the economy and yesterday's housing starts data provided a mixed picture. Housing starts did rise nearly three percent in April when estimates were for a mild decline. However, permits fell by nearly nine percent and this points to some weakness in starts in the months to come.
How much higher can this index keep going? I don't know but we're going to find out!
Until next time.
The markets moved up strongly on econimic data. The SPX gained 12.95 points to finish on 1,514.14 and the Dow saw triple digit gains. When we placed our play the SPX was already up about 7 points.
Economic news provided traders a reason to buy with industrial production rising more than expected, as did housing starts. Industrial production gained 0.7 percent during April, well above estimates for growth of 0.2 percent. This data supports recent reports showing that the worst for the manufacturing sector might be in the past.
The housing sector continues to be a concern for the economy and yesterday's housing starts data provided a mixed picture. Housing starts did rise nearly three percent in April when estimates were for a mild decline. However, permits fell by nearly nine percent and this points to some weakness in starts in the months to come.
How much higher can this index keep going? I don't know but we're going to find out!
Until next time.
# posted by Paul @ 4:50 AM 
