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The Dow Futures Report
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Stocks Enjoy a Rally, but will it Last?
Fri, Apr 25 2008, 12:20 GMT
by Carley Garner
**Be sure to see my monthly column “Futures for You” in Stocks and Commodities!!!
The major indices experienced large intraday swings but the bias was decidedly to the upside. Light volume, stop running and technical buy programs were said to be the fuel behind the mid-day rally. Interestingly enough, the day’s economic news was mixed and so were the earnings reports. However, a good day for the greenback and a poor showing in the commodity markets looked to be equity supportive.
According to the government, reported sales of new homes fell to the lowest level since 1991. The decline comes as no surprise, but the magnitude was a bit startling. If you are in the market for a new home, it may be time to begin shopping…I know that I am. With any market, picking a bottom is impossible unless you are lucky.
Despite the doomsday’ers on TV and in newspapers, there are some that believe that the fundamental nightmares that the U.S. economy has faced over the past several months hasn’t been the crippling blow than many had thought that it may be. “The earnings picture is not so bleak as people thought it was going to be,” noted John Merrill, chief investment officer at Tanglewood Capital Management in Houston. He added that “There’s been so much talk of the spillover from the credit crunch and homebuilding into the real economy and that just doesn’t seem to have happened.”
In yesterday’s report I noted that the Dow may see 12,930 by the end of the week, and things progressed a little faster than I had originally expected but today’s high certainly met my target. I also mentioned that if we did rally to such levels, I didn’t expect that it would last long. If I am right, the market should drift lower to 12,676 and potentially 12,610.
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 18th – My clients were advised to sell May Dow 133 calls for 50 or better (this can be done with the mini options or the full sized).
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 Fri, Apr 25 2008, 12:31 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
Alaron Futures and Options
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Legal disclaimer and risk disclosure: Alaron Futures and Options, Futures Commission Merchant (FCM), specializes in futures, futures options, and cash metals through Alaron for Retail, Introducing Brokers (IB's) and Institutions. Alaron offers broker-assisted, single stock futures, discount, Simulated Trading, managed futures, access to several state-of-the art online trading platforms and systems trading. Trade online 24 hours a day! Direct-to-the market trading of E-Minis, Bonds and Notes, Single Stock Futures, Liffe, Eurex, Simex and more. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Alaron Trading Corp., its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.Interested in forex trading? forex brokerage firms!
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