Closed QQQ position. Long puts on IBM, SLB and CSCO.
The market keeps moving up despite talk of possible correction in the near term. On QQQ chart, the last hour surge repeated again.
Tag Archives: Slb
Fear & Greed
There was a big sell off this morning on LOWS. My put position finally turned positive. Out of fear that it might bounce back, half position was closed at small gain. Yet, looking at the daily chart, it’s likely that it may test 50 SMA. It’s still closed lower than the open. The greedy side of me decided to keep the rest of the position. In hindsight, keeping 1/3 position might be better idea or taking the profit by closing the position entirely. Let’s see how it goes tomorrow.
Long GSF May 20C; added SLB May 40P.
OAKMX: it’s still in the short-term uptrend since its breakout of long-term downtrend. Resistence at 31.55.
LSCRX: it’s right at resistence and overbought condition.
Breakout has chance
Although the volume is not heavy, it has bullish bias.
Closed GSF May 22.5P – it bounced back a little, but close to support and may reverse; added more SLB May 40P – is that breakout out of bull flag?; scaling out LOW May 42.5PBreakout to the upside from here?
Nasdaq needs to break 1500 and DOW needs to break 8900. DOW has substantial resistence around 9000.
Long GSF May 22.5P, SLB May 40P, AMZN May 27.5P and LOW May 42.5P, MSFT May 27.5C; Short MSFT May 25C.