The market showed a lot of strength on Friday weathering negative earnings from both Microsoft and Amazon. Barring any weighty heavy negative news between now and then it looks like the uptrend is intact. If I wake up tomorrow, the futures support this thesis and if the market doesn't collapse after the first 15 minutes of trading I will be looking to sell my WFMI puts I bought at .57 and refocus on a few stocks on my radar.
PALM: Looking at this tech name tomorrow as it tagged the 50MDA and showed solid support and in the recent past this has been a proven level of support. May do a quick call options trade depending on how the stock moves after the first 15-20 minutes of trading.
Sold out of my WFMI calls at .55¢ for a $30 loss... The stock has shown resiliency heading toward the Aug. 4th earnings.
ReplyDeleteLooks like the market is battling two different news storyies. On the one side New home sales were up 11%, the highest in 9 years. On the other end investors are worried about the massive $211 debt sale. Don't know which story will win. But if last week was any indication of how strong the bulls are going to be this week, Im leaning towards Optimism (market going higher).
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