Pre-Market Update: When I was a kid, my pops would let me stay up late to watch the Monday Night Football game, but the deal was that I had to hit the sack when broadcaster “Dandy” Don Meredith belted out the aforementioned Willie Nelson tune. Sometimes, it would be well into the fourth quarter before the game was decided, but sometimes he would sing it in the third quarter.
Mid-Market Update: Futures were down significantly last night and ahead of the European open when I was wrapping up my homework last night. In fact, Dow futures were showing a possible triple-digit loss at the start of trading here in the United States, but they improved dramatically and were green ahead of Wall Street’s open. They say it is always darkest before dawn, and the turnaround overnight was slightly bullish.
Pre-Market Update: The bears started the week with their third-straight Monday win, although the bulls kept the losses in check. The run at near-term resistance turned sour in the second half of trading, with the small-caps leading the way lower after falling back below 1,100.
If there is continued weakness today, there is a good chance the lower price targets I have given will come into play. If so, there could be an opportunity to add additional put option trades, but I am expecting a fight from the bulls at some point this week.
Trade Alert: Buy to open the QQQ November 100 calls (QQQ141122C00100000, $0.60, down $0.42).
Buy to open the QQQ November 99 calls (QQQ141122C00099000, $1.40, up $0.17).
Mid-Market Update: Futures were significantly lower after midnight and remained that way into this morning’s open. They were a good clue that the bears were going to make an attempt at the 200-day moving averages, and how the bulls respond will be crucial for how next week plays out.
Pre-Market Update: Wednesday’s best day on Wall Street for the year turned into one of the worst on Thursday, as volatility remained insane. The major indexes closed below their first waves of support and are still in danger of testing their 200-day moving averages following the pullback.
Stop triggered on QQQ November 99 calls (QQQ141122C00099000).
Mid-Market Update: Futures were slightly higher after wrapping up my homework last night but became choppy heading into this morning’s opening bell. Following Wednesday’s biggest advance of the year, a pullback in the market was to be expected, but the bulls need to hold the first levels of support to avoid further weakness.
Stop triggered on Vanguard Natural Resources (VNR).
Pre-Market Update: The market made a key reversal on Wednesday after taking out last week’s lows and recovering prior resistance. The rally started shortly after the Federal Open Market Committee (FOMC) minutes were released, and the dovish tone and global concerns were a surprise. The “global concerns” seem to be a new wrinkle the Fed is worried about, as they often refrain from making these types of comments. However, Wall Street loved the news, and buyers went bargain hunting.
Trade Alert: Buy to open the SPY November 200 calls (SPY141122C00200000, $1.25, up $0.20).
Buy to open the QQQ November 99 calls (QQQ141122C00099000, $1.40, up $0.17).
Mid-Market Update: The market has been in a punishing mode lately, and I mentioned this week could provide the perfect opportunity to go long on short with December or January call or put options once a clear trend emerges.
Pre-Market Update: The bears continued their assault into Tuesday’s close, as the major indexes finished below significant levels of support. Coming into the week, I mentioned another back test was a strong possibility, as I expected last week’s lows to get tested. The rest of the week could get challenging for the bulls if support gets stretched and a new trend emerges.
Mid-Market Update: The bears are making another push at last week’s lows following a downgrade by the IMF (International Monetary Fund) to its growth forecast for the rest of this year and 2015. The organization now expects global growth to come in at 3.3% for 2014 and 3.8% next year.
Pre-Market Update: The bulls gave a good effort but failed to keep last Friday’s momentum, as the bears won their third-straight Monday session. I mentioned this week could be a great clue for a pending trend, but getting through it could be volatile.
Mid-Market Update: Futures were showing a strong open for the market this morning, but, after a first-half rally, the bears have returned.
Pre-Market Update: Protests in Hong Kong and political instability in Spain and Italy, along with a number of other headlines, rattled Wall Street last Monday, as the market pulled back, tried to recover and ultimately finished lower. The small-caps actually showed strength along with Tech, but it was another back-test to resistance. The S&P Volatility Index ($VIX) also closed above 15 and signaled further weakness.
This week will be a good tell for the VIX. If traders are going to step up to the plate for a year-end rally, this week could be “the bottom” if the VIX can get back below 13.50 and hold 15. If not, there could be additional selling pressure for another week or so.
Mid-Market Update: Futures were strong throughout the night and into this morning and were a good signal the bulls would have a parade today on a good Non-Farm Payrolls report. The economy added 248,000 jobs, and the unemployment rate dropped below 6% for the first time since 2008. August’s dismal numbers were revised to 180,000 from 142,000.
Pre-Market Update: Although the bears split Thursday’s session with the bulls, the bear conspiracy theorists had to be upset with yesterday’s close, as the bulls technically avoided what would have been the first four-session slide on the S&P 500 all year.
Stop Limit triggered on Hercules Offshore (HERO).
Trade Alert: Sell to close half of the position in the CAT November 90 puts.
Mid-Market Update: The bears have momentum and are working on their first four-session win streak of the year. The technical damage has been profound this week, and the fireworks are just beginning with third-quarter earnings season starting next week.
Trade Alert: Buy to open the MCD November 90 puts (MCD141122P00090000, $0.90, down $0.06.
Pre-Market Update: The technical signals I have been covering intensively over the past few weeks have been flashing warning signs, and Wednesday’s breakdown was the payoff for the bears.
Mid-Market Update: The downside targets on the 10-year and near-term charts I showed a few weeks ago are in play. Today’s action either represents the start of an incredible buying opportunity for the rest of the year or the beginning of what could quickly become a 10%-15% correction.
Trade Alert: Buy to open the KKD November 16 puts (KKD141122P00016000, $0.40, up $0.05).
Trade Alert: Stop triggered on GM December 32 puts.
Pre-Market Update: The bears won their second straight session on Tuesday to wrap up a victorious September as Wall Street braces for October.
Take profits and sell to close Discovery Laboratories (DSCO) – Stock Trade
Mid-Market Update: I mentioned that the next few weeks could provide some major updates from companies that might be falling short of Wall Street’s earnings estimates for the current quarter, which ends today.
Pre-Market Update: Protests in Hong Kong, political instability over in Spain and Italy and a number of other headlines rattled Wall Street on Monday, as the market pulled back, tried to recover and ultimately finished lower. The small-caps actually showed strength mid-day along with tech and held last week’s low, so there were some bullish signs to take away from yesterday’s session.
Trade Alert: Buy to open the WAG October 56.50 puts (weekly) (WAG141010P00056500, $0.45, up $0.10).
Mid-Market Update: Futures were pointing towards a lower open throughout the night while I was wrapping up my homework and got progressively worse into this morning’s open. The bears were aggressive at the start of trading, as they pushed the market lower by 1%, but the bulls held support and are trying to bounce off of the bottoms.
Trade Alert: Stop triggered on APOL November 24 puts.
The “death-cross” I have said to watch for weeks also played out on the Russell 2000, with the 50-day moving average (MA) falling below the 200-day MA.
Pre-Market Update: The bears continued their pressure from the prior Friday’s opening pop and drop to start the week, as the Dow fell triple-digits and the small-caps fell below key support at 1,140.
Mid-Market Update: Betting on Nike (NKE, $88.49, up $8.74) to beat Wall Street’s estimates has been a profitable play over the past year, as the company has topped forecasts for four straight quarters.
Pre-Market Update: It only took a day, but the slick-talking pros quickly learned Wednesday’s rebound rally was a head-fake.
Mid-Market Update: Futures stayed in a tight range throughout the night — mostly negative — and into this morning’s open. Had they been strong, I might have trusted yesterday’s snap-back rally, but I warned there were a few bearish clues from Wednesday that were troublesome.
Trade Alert: Buy to open the ARUN October 23 calls and the SPLS December 14 calls at current levels.
Pre-Market Update: The bulls avoided their first four-session losing streak of the year following Wednesday’s rebound, and the stigma of the “death cross” was avoided, as the small-caps recovered resistance along with the rest of the major averages. Volatility fell 10% but remains elevated, as Wall Street did some dip-buying.
Mid-Market Update: Futures were showing a strong start this morning, and the bulls have done well holding their gains. There is still another half of the trading session to go, and it remains to been seen if today’s pop marks a bottom or is simply a back test to resistance that served as prior support.
Pre-Market Update: The bears are doing a good Van Morrison impression this week and took another step towards cracking major support following Tuesday’s drubbing. It’s been nearly three years since Wall Street has experienced a 10% pullback, and the law of averages will eventually catch up with the bulls. Although it is still too early to tell if the current pullback will be the one that ends the streak, the bears are getting aggressive and have momentum.
Mid-Market Update: The upcoming focus on third-quarter earnings is just weeks away, but companies announce earnings every day on Wall Street. Some companies have different fiscal year start and end dates depending on when they incorporated.
Pre-Market Update: The bears continued their assault on the market following Friday’s opening peak to fresh all-time highs and delivered a nasty bite to the small-caps in the process. The “death cross” that has been developing since August finally triggered on the small-caps’ tumble below key support on Monday, suggesting there could be further weakness over the near term.
Mid-Market Update: I mentioned that Friday was the “perfect storm” for the market and that the action pointed towards continued weakness this week. Futures were showing a nasty open when I was wrapping up my research last night but had improved significantly ahead of the opening bell.
Pre-Market Update: The see-saw battle between the bulls and bears reached a feverish pitch last week as the bears came close to causing panic on Monday, while the bulls held a parade by pushing fresh all-time highs on the Dow by Tuesday’s close.
I’m still cautious on the near-term outlook, as I do see a flat to lower market developing ahead of third-quarter earnings season, which is three weeks away. Trading ranges can be tricky, and I want to make sure I’m prepared for one until the next round of fireworks. Otherwise, continue to bet on the bulls as long as support holds.
Mid-Market Update: Futures were showing a very strong open throughout the night and into this morning’s open despite the nervousness from around the globe.
Pre-Market Update: It was a bullish Thursday on Wall Street, as the major averages opened higher, set record highs and held positive territory throughout the day. It is hard to define “resistance” with the broader market setting fresh all-time highs, as the higher fluff targets I have given are coming into play. However, tech and the small-caps still have hurdles to clear before I go “all-in.”
Mid-Market Update: The broader market is once again pushing fresh all-time highs as Wall Street braces for Alibaba’s (BABA) IPO, September option expiration and the Scot’s.
Trade Alert: Buy to open the ARUN October 23 calls and the SPLS December 14 calls at current levels.
Trade Alert: Sell to close the MGM November 22 puts at current levels.
Stops triggered on SNE October 20 calls and SNE January 20 calls.
Pre-Market Update: The knee-jerk reaction to the Fed minutes on Wednesday was expected, but the bulls had to wait for Janet Yellen’s comments before they were allowed to roam.
Mid-Market Update: The Fed’s minutes are due out shortly, and the tension is tight as Wall Street awaits what wording and language will be added, removed or left the same. This is one of many hurdles coming this week, as Thursday will be focused on the Scot’s, while Friday is September options expiration.
Pre-Market Update: I told you that it has been hard to bet against the bulls this year (and last), and yesterday they showed why. Of course, with volatility picking up and continued breaking headlines the rest of the week, the bears aren’t out of the game. However, yesterday’s action was a clear sign of momentum reversal, with the Dow setting an all-time record high.
Buy Vanguard Natural Resources (VNR, $29.43, up $0.37) at current levels.
Trade Alert: Buy to open the FCX October 35 calls and the FCX November 36 calls.
Mid-Market Update: The action has been mixed today, and I had penciled in a flat session as the Fed reviews its monetary policy over the next two days. The bulls have shown some strength following Monday’s drubbing and held support on the bearish attack at the open. There is still a second half of trading, but the pullback Wall Street wanted may have come and gone if resistance clears.
Stop Limit triggered on Avanir Pharmaceuticals (AVNR).
Pre-Market Update: The bears did some damage on Monday despite the blue-chips trading higher, as the next waves of support came into play. The bulls did their best and held the attack while trying to regain some momentum, but yesterday’s fight was over shortly after it began.
I wanted to give a brief update on Monday’s new addition to the Weekly Wrap portfolio.
Trade Alert: Buy to open the SNE October 20 calls and the SNE January 20 calls at current levels.
Buy AVNR stock at current levels with expectations on exiting in the mid-teens.
Full disclosure — I own shares of PZZI, so I made a road trip this weekend to Pie Five, one of Pizza Inn’s trademarked brands, to learn more about their story and, more importantly, try their pizza.
Mid-Market Update: Futures were showing a nasty open throughout the night but improved dramatically ahead of this morning’s open. The action and clues from last night were suggesting an opening pop and drop and, heading into the second half of trading, that synopsis is playing out.
Trade Alert: Sell to close half of the MGM October 24 puts and half of the MGM November 22 puts at current levels.
Wall Street is worried about September, but I’m more interested in October. I would love to get confirmation that a 5%-10% correction is coming, as I will use put options to make money for our portfolio. While some call options may pullback, I have used longer-term options to protect the positions from volatility.
Pre-Market Update: The month of September is always a tricky month to trade despite the historical patterns for fall pullbacks. They can’t always be counted on, however, as Septembers over the past few years have been bullish, but history may be returning to normal.
Mid-Market Update: The bears have controlled today’s action and are now on track to win the week. A final hour rally by the bulls is possible as they have shown strength into the close over the past few days, but all signs are pointing towards continued weakness into next week.
Pre-Market Update: The bulls showed up in the final hour of trading and nearly got the sweep on Thursday.
Mid-Market Update: There is all kinds of bullish and bearish news to talk about so it’s hard to pick a starting point.
Trade Alert: Sell to close the WWE September 15 calls.
Pre-Market Update: The bulls showed some strength yesterday following the early morning weakness and avoided a late-day collapse to snap a two-session slide. The recovery in tech and the small-caps led the way, but the saber-rattling after the close is still a cause for concern.
Mid-Market Update: I had penciled-in some weakness for this morning’s open and was looking for a rebound by the second half of trading that could possibly propel the bulls for an end-of-week rally.
Trade Alert: Buy to Open the MGM October 24 puts and the MGM November 22 puts.
Pre-Market Update: Apple (AAPL, $97.99, down $0.37) launched its first new product category in four years yesterday and, by the looks of things, the Apple Watch is going to be a hit. However, consumers will have to wait until 2015 for the slick new device.
Mid-Market Update: I did a quick sentence on M&A activity in Monday’s Pre-Market Update and reiterated from earlier this summer that it was a theme that could carry the market higher throughout the back half of the year.
Pre-Market Update: The bulls put up a good fight but eventually lost Monday’s battle with the bears. It was the first Monday loss in six weeks for the blue-chips, but support held despite the losses, while tech and the small-caps showed strength on the day.
Mid-Market Update: Futures were slightly lower throughout the night but held steady into this morning’s open. Although the broader market has been weak for much of the first half, Tech and the small-caps have shown some strength.
Trade Alert: Sell to close half of the YHOO October 43 calls.
The bulls looked strong throughout the week but the bears lingered around on the closes as the market faced two huge hurdles last week.
Pre-Market Update: The bulls looked strong throughout the week, but the bears lingered around on the closes as the market faced two huge hurdles last week.
Trade Alert: Buy to Open the QQQ October 102 calls and the IWM October 120 calls.
Mid-Market Update: Futures were slightly weak throughout the night but improved ahead of Wall Street’s open despite a nasty Nonfarm Payroll report.
Trade Alert: Sell to close the KERX September 18 calls and the FLEX October 11 calls.
Trade Alert: Sell to close the SNE September 19 calls and the SNE October 19 calls.
Pre-Market Update: The bulls failed to hold their opening gains on Thursday after the market reached fresh all-time intraday highs. The bears showed up in the final hour of trading to ruin the party, but the pullback into the close was a result of nervousness over this morning’s Nonfarm Payroll numbers.
Mid-Market Update: The ECB (European Central Bank) was under pressure to do “something” with its initiatives to start a quantitative easing (QE) program of its own and they did by lowering the interest rates from 0.15% to 0.05%, or 10 basis points.
Actions: AAPL shares traded to a low of $98.58 on Wednesday and the Stop Limit of $99 triggered during the 4% pullback.
The Stop Limit of $7.90 triggered on the second PZZI position from early July after shares tested a low of $7.85 yesterday. Continue to hold the other 2 PZZI positions.
Pre-Market Update: The market was choppy on Wednesday, as Wall Street seemed nervous regarding what the central banks from around the world may or may not do regarding their interest rates and monetary policies. News that there was a cease fire between Russia and Ukraine gave the bulls an early lift, but when those reports turned out to be bogus, the concern turned back towards the ECB (European Central Bank).
Mid-Market Update: Futures were showing a strong start to today’s session but the market is mixed heading into the second half of trading as the indexes play role reversal.
Pre-Market Update: The bulls had the momentum at the start of Tuesday’s trading, but lost traction midway through the session after another run at all-times highs. The bears didn’t do much damage as the market ended mixed, but volatility was elevated as Wall Street (and Washington) got back to work.
Mid-Market Update: Futures were slightly higher on Sunday night despite the U.S. markets being closed on Monday as trading went on overseas. The global markets were slightly weaker, overall, on Monday as the rest of the world awaited Wall Street’s open this morning and futures again stayed green throughout last night.
The market finished August with stellar gains and at all-time highs on Friday, as the last trading day of the summer came to a close. The summer doldrums were anything but, as Wall Street vacationed and missed an incredible rally like I predicted they would.
Pre-Market Update: The market finished August with stellar gains and at all-time highs on Friday, as the last trading day of the summer came to a close. The summer doldrums were anything but, as Wall Street vacationed and missed an incredible rally like I predicted they would.
