Business Magazine

Which Way Wednesday – 1,333 Or BUST!

Posted on the 06 April 2011 by Phil's Stock World @philstockworld

Aside from the 0.6% pop in the futures (8am), they slammed the Dollar down from 76.4 yesterday morning to 75.80 now and that’s a 0.78% drop in the Dollar just to get the market back to where it was yesterday – that’s pretty pathetic folks!  Already this morning, in Member Chat, I reminded Members to play the oil futures (/QM) short off the $108.50 line and we got a nice drop back to the $108 line exactly before stopping out and now we’re back to $108.50 where we can SHORT IT AGAIN!   

See, it’s fun to play with the manipulators…  Also in chat this morning, I reminded our Members why today is "rollover day" for front-month options (the ones we own, not the ones we sold to suckers):  

It’s not Wednesdays per se but the Wednesday before expiration day that we like to adjust. This is the day (10 days to go) when front-month premiums go into rapid decline so it’s madness to hold a long put or call – if a move goes against you, you have no time to adjust or recover. It’s a time when the next month is usually a reasonable price to roll and very often that roll can be still be paid for by selling those last 10 days of premium to some other sucker. As a rule of thumb, if you are in a front-month position on the Wednesday before expiration and you don’t like it enough to roll it to the next month – it’s time to cash it out.

Which Way Wednesday – 1,333 or BUST!To that end, I’ve already sent out a note this morning with adjustments to our $25,000 Portfolio, which has been getting battered by being too bearish on the Dow and oil as well as riding the bucking bronco that is FAS!  We’ll see if the S&P breaks our heart and finally holds 1,333 today.  As you can see from our Level Chart –…

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