Looking at the market and thinking that nearly every time earning has come market has sold off, I would be preferably going into IBM, MSFT earnings replacing my 125's and 90's with 145's and 105's for Aug, I just have a feeling that all good earnings are priced in the market and profit taking is kind of rampant, so before people take profit why not I should book my profit, I see 600 as a solid support on DOT, I see BKX long above 912 not before, great risk- reward relationship in case of banking I would see it breaking through the pack of indexes, market has ignored this C earnings but not for too long. Look at finacials closely..
Never leave too much on the table and I would prefer that we should go into earnings with outside the money calls replacing in the monies by outside them onies, this one luxury normally every reader of my thread should be able to afford... At these levels of markets I am playing cautiously with outside them onies with least money but maximum levelrage, like C 55 calls which I loaded last week represent good play in finacials out of hte money cheap and long expiry that is Dec... DOT is testing lower supports but I still don't see that follow through.,.. the BKX chart looks explosively bullish whichever side it will break it will be one hell of a break, I wish after C earnings I could say it goes back down when a banking group blasts thru the whisper like this BKX cannot stay too long here.. may be little running of stops but leave a order either to go long above 912 or 886 if it hit that point....... DOW 11204 point that I pointed out needs a break today..it is a solid point and if we fail here for a week we can revisit the support at 10470... on DOW no big deal but sometime players like to book profit and market has been running very steep in aptcipation more often than not they would like to book profits and re-establish at lower 10500 levle only a thought.. |
