Friday, August 01, 2008

Think outside (ELN)/NYSE and (BIIB)/NASDAQ box

Very neutral day if you ask me, with plenty accumulation going into next week FED meeting.

TRIN/Q and TRIN spiked enough for me to go counter to the presumable negative market trend this morning.

(ELN) for NYSE and (BIIB) for NASDAQ 100 affected mood in the very morning, otherwise it would be a truly uneventful day.
Up/Down volume and Adv/Decl are negative ( for NASDAQ100) to neutral (for NYSE)

Opened (TIE), (V), (SOLF), (QQQQ), (SMH) long calls positions added (UNG) Sep calls ( will sacrifise time decay over weekend - I am soooo fine with that, I don't trade for nickel and dimes )

Tempted to add to (SGP) calls and open (ELN) position, but will refrain from second due to crazy IV.

If market starting to react to truly mediocre news like today's GDP/Jobs reports in this muted way - we are up for something really big and unusual for summertime.
Have a great weekend everybody...and stop worry yourselves out of profits ( V.Tharp) by watching CNBC.