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The Dow Futures Report
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Bulls Bulldoze
Fri, Jun 6 2008, 10:40 GMT
by Carley Garner
**I was recently interviewed by Stock Shotz!! Visit YouTube.com and search Carley Garner Stock Shotz to listen.
Better than expected weekly jobless claims and positive retail sales sparked a sharp rally in equities. I find this a bit suspect given the fact that jobless claims is a weekly reading and shouldn’t necessarily be relied upon on a week to week basis. Although, the average seems to be better than the doom and gloom that analysts have pegged for tomorrow’s employment numbers. Most estimates are looking for a draw of about 50,000 jobs.
In case you are wondering, the mid-day selling in equities was the result of an AMBAC rating cut and a monster rally in energies. Crude oil moved sharply higher to reach levels over $128, a nearly $6 rally from low to high.
This week’s dip turned out to be a great opportunity to sell puts. I am sorry that my clients (and followers) missed it but that is the chance that you take while trying to be conservative on entry. However, I strongly believe that it is better to miss a trade completely than to be on the wrong side of a bad trade. Nonetheless, selling the June 118 Dow puts for 50 or better is still a great move. Feel free to work this order tomorrow….you never know what could happen on the heels of the payrolls data.
Sorry so short!!
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 –
- * June 3rd - Sell the Dow (big or mini) 118 put for 50 points or more
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, Jun 6 2008, 10:44 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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