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  1. #1
    Administrator Martin Kay's Avatar

    Hot Tip from the Geek - SP500, Gold, BAC Weekly Expire - 05/27-06/03/2013 !!!

    Hi guys,

    The new Top Five Tips of the week from Michael are here! The U.S. markets are closed on Monday for the Memorial Day Holiday. The world markets reacted in mixed fashion ahead of the late start to the week. Asian markets, especially the Nikkei, had a rough start. The Japanese index shed another 3% bringing it close to the 14,000 support zone. Check out the new Michael’s tips and find out the best opportunities to trade!

    Originaly posted by Michael Hodges.

    S&P 500 Support May Come To Market - Trade Active on CommuniTraders

    S&P 500
    Call/Put = Put
    Entry = Above 1640
    Expiration = End of the week

    This week is relatively light on U.S. economic data. There are some events but nothing that I see as particularly supportive or market moving. Because of this I see the S&P moving down to the support level of 1630 and possibly lower. Next week we will get the big run of monthly data culminating Wednesday, Thursday and Friday with the employment bundle (ADP Employment, weekly jobless claims, U.S. unemployment and NFP). I expect to see these numbers support the recent trends and the rally, a disappointment here could send the markets lower.

    This week I think the markets will drift. The holiday in the U.S. and U.K. will not close global trading but it will subdue it. Near term support exists for the S&P around 1630 with stronger support levels around 1600. Look to these numbers this week as downside targets ahead of next weeks onslaught of economic data. I am trading puts on the S&P 500 with a target entry above $1640 and an end of the week expiration.

    Gold Is Still Not Shiny - Trade Active on CommuniTraders

    Call/Put = Put
    Entry = Above $1390
    Expiration = End of the week

    Gold prices have been rebounding but I do not think it is the right time to get bullish on this metal. My technical indicators are pointing to at least a retest of last months low prices if not a break through. Long term targets for gold are as low as $1225 at this time. Added to this is my expectation of a continued U.S. economic recovery and strong dollar. The combined pressure should be more than enough to bring gold down to $1325-$1335. I am trading puts on gold with a target entry above $1390 and an end of the week expiration.

    Financials Strong In The Near To Short Term - Trade Active on CommuniTraders

    Bank Of America
    Call/Put = Call
    Entry = Below $13.25
    Expiration = End of the week

    The financials look strong going into the near term. Looking at charts of the Bank Index and Financial Spyder I see a sector with support and momentum. Digging deeper into the sector and coordination with the available assets on Communitraders I have chosen to play this with Bank Of America. BAC has support at $13 and is bouncing from the short term moving average at the same time. I am trading calls with a target entry below $13.25 and an end of the week expiration.

  2. #2
    Legendry Member Michael Hodges's Avatar
    My target entry on the S&P may be too low but I still think the analysis stands. The S&P has no reason to rally ahead of next weeks economic reports unless the market is just expecting things to be really rosy.....

  3. #3
    Legendry Member Michael Hodges's Avatar
    Heres the link to my S&P trade on CT.

  4. #4
    Specialist Member marvel's Avatar
    If we don’t mind that your entry is probably not very good I think your analyzes will prove it is right and finally the put will end in the money, Michael!

  5. #5
    Legendry Member Michael Hodges's Avatar
    I'll accept that. The futures this morning look as though the drifting part is right at least, down more than 10 pts for the S&P which would bring the opening very close to my target entry.....

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