7.75 point. All longs. Traded 4 contracts. ES bounced back from 50MA. It’s hard to tell whether or not it will resume uptrend. It depends on the strength of this bounce and follow through next day.
Tag Archives: Bounce
Microsoft CEO sold 39 million shares…
Long MSFT calls: it held right at support level @24 and both BB and stochastic at extremes after a week of selling fuled by rumor of insider selling – it turned out that Steve Ballmer sold 39 million shares.
Long LOW, IBM and CSCO calls: expecting bounce from recent drops.
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.