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The Dow Futures Report
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Earnings Season Plagues the Market
Thu, Apr 10 2008, 14:33 GMT
by Carley Garner
**Read my article “Tips and Tricks” in this month’s bonus issue of Stocks and Commodities!!!
Equities retraced gains on new record highs in crude oil, an early morning UPS earnings warning and technical profit taking. According to the “boys” on the trading floor, retail order flow was light and locals were given the opportunity to press sell stop orders.
Higher fuel costs and a weakened economy forced UPS, the world’s largest shipping carrier to trim forecasted earnings. This, combined with less than stellar earnings reports, have triggered a bit of profit taking or portfolio shifting to a less aggressive mix between stocks and bonds.
Despite the weakness, the last few days haven’t been the disaster that they could have been. Jo Kinahan, chief derivatives strategist for Thinkorswim Group believes that the recent calmness in equities has been impressive. “It’s the first week we have had in a while where stocks are trading on their own merit. That’s why we’re trading on oil”. He added, “It’s amazing how well the market has held in there with three days of not good news.”
Earnings seasons have plagued this market for quite some time, and this time appears to be no exception. The near-term direction seems to be lower for now. The June Dow contract should find a band of support from 12,378 to about 12,330 but the Nasdaq may find support at 1799.
Please note: A mini-sized Dow chart is used because it is better for charting purposes, but trade recommendations are based the full sized Dow unless otherwise noted.
Dow Recommendations...
**There is unlimited risk in naked option selling and futures trading
Position Trade –
- * April 1 – Sell 1 April Dow 130 call for $600 or better (this can be done in the mini instead for $300!)
- * April 7 – Place an order to buy this back for 15 ticks or better. o April 9 – This would have been filled today for a profit of $450 on the full sized contract options before transaction costs and $225 on the mini options before transaction costs.
Please note: A mini-Nasdaq chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.
Nasdaq Recommendation
**There is unlimited risk in naked option selling and futures trading
Position Trade – Flat
Published on Thu, Apr 10 2008, 14:40 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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