I’m writing this from the road, heading for this weekend’s seminar venue. The market continues stuttering. Yesterday was a big day up for the Dow Jones Industrials and saw it close both back into its trading range and above the 20-day moving average. Other major indices also had a good day yesterday, if not quite so strong.

Today, jobless claims first went over 10%. And since we all know the real jobless rate is much higher, this has seriously dampened today’s action - which should have been a great day.

I put on a long call trade in the QQQQ yesterday for fun, just 30 contracts, and closed it today for a 51.6% profit. Not a lot of money, but a nice return. As I write this the Dow is up 12, the Nasdaq Composite is up 5 and the SPX is up a measly 1. Best case is a positive close above yesterday’s close.

I am not putting on any covered call trades today. I want to see what Monday brings. But if the market continues stuttering, I have some trades in my back pocket of companies that lately have been strong despite the market’s pullback in the second half of October. Yes, they are out there. (Hint: I find them on our lists by sorting the list by our proprietary MADI indicator)

This entry was posted on Friday, November 6th, 2009 at 2:44 pm and is filed under Markets/Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.