Today is options expiration day, or hopefully for option writers, pay day.
TXI and LEA will be called away. TXI for a smallish gain, LEA for a decent one, though most trader types would call 5% small.
The QQQQ chart looks like a nice base. There is healthy skepticism about this rally. It has been a long time since even a 2% correction on the Dow. Despite that, the old cliche is "don't fight the tape," from Marty Zweig and others. The markets wants to go higher, it is usually a money losing proposition to fight it. Yes, there are any number of clouds on the horizon, including low levels of mutual fund cash, topping action in leading stocks such as GOOG and AAPL. The bulk of the evidence is on the bullish side for now. Some stocks I am looking at include: C Citigroup, CHRW C.H. Robinson, EL Estee Lauder.
Open positions after today: long BA Boeing.
No comments:
Post a Comment