I didn't do any trading today, I did watch some stocks today, and most of them went down. When we rallied the other day we went back up to the critical level of 1490 and could not break it. We now have a technical downtrend on the indices with the lower high and lower low. Is it a bear market? In the short term it seems it may be. With increased volatility and option prices generally higher I may stick to strictly day trading, or sitting on the sidelines since I cannot sell options at this point. I'll likely be looking for the next rally so I can get some puts on good looking setups.
I am hoping to do some trading tomorrow but may have to travel during market hours so we shall see.
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Ben, I may be sitting out today, too, if this volatility continues. I mean, I don't necessarily mind paying for high option premiums if I still feel that I can be profitable... but with all this whipsaw action, it's hard to be profitable.
I am thinking about a few of the tickers they threw out on the 'Cast: specifically MS and FAF. Both look pretty good to me. We shall see...
:)
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