Friday, November 02, 2007
Back in the Game!!
We waited for the Fed to do their thing and have now got our play on. As we have done the last few weeks we only have the call side of the play on to eliminate down side risk. We might place some puts in the last 7 days or so....but I am wary of $100 oil!
We got filled at $0.90 which means on a $10,000 trade you will make $900 if it ends in green.
The markets opened low yesterday. We got our play on when the SPX was down 20.
By close of play Thursday the markets suffered some big losses despite being only a day after the Fed rate cut. The Dow closed the session with a loss of 362.14 points to close at 13,567.87. The SPX gave up 40.94 points to close at 1,508.83. We are in the green and looking good.
Stocks rallied Wednesday following the decision by the Fed to cut rates by 25-basis points. However, these gains were quickly given back Thursday on large declines in several financial stocks. Traders are also concerned that the Fed is done cutting rates for the foreseeable future.
Jobs report is out today. The data is expected to show nonfarm payrolls growth of 80,000, but recent strength in the ADP Employment data has some seeing a much stronger figure. On one hand, this would be a positive for the economy, but would definitely lower the odds of a Fed rate cut in December.
Until next time.
We got filled at $0.90 which means on a $10,000 trade you will make $900 if it ends in green.
The markets opened low yesterday. We got our play on when the SPX was down 20.
By close of play Thursday the markets suffered some big losses despite being only a day after the Fed rate cut. The Dow closed the session with a loss of 362.14 points to close at 13,567.87. The SPX gave up 40.94 points to close at 1,508.83. We are in the green and looking good.
Stocks rallied Wednesday following the decision by the Fed to cut rates by 25-basis points. However, these gains were quickly given back Thursday on large declines in several financial stocks. Traders are also concerned that the Fed is done cutting rates for the foreseeable future.
Jobs report is out today. The data is expected to show nonfarm payrolls growth of 80,000, but recent strength in the ADP Employment data has some seeing a much stronger figure. On one hand, this would be a positive for the economy, but would definitely lower the odds of a Fed rate cut in December.
Until next time.
# posted by Paul @ 7:56 AM 
