Daily Stock Market Equity and Options Trading Commentary

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Saturday, October 25, 2008

I Smell a Short Term Rally coming

Sorry I have not been able to blog in a while but as usual I have been very busy. I figured since it is a Friday I can take a rest from my school work and write a quick blog. Just by glancing at the charts I think we are definitely due for an uptrend (10% or better on indexed), whether it is a 1 day move or 3 months, I think we'll get at least that out of the market on the upside before we go down again. Today as the market was selling off I was taking advantage of the bargains out there, and was buying up with all the money I had sitting on the sidelines. I think we are just way to over sold and I think it can be fairly easy to make a quick buck trading into an uptrend soon. Today I purchased call contracts on GS, RIMM, CAT, GOOG, MER, and V. I think these contracts should bank a quick dollar or even land in the money by the time I'm ready to trade them. I will start unloading the instant the market moves higher, just because it is too dangerous to stay long for too long in these markets, but I will try to hold as much as I can until they expire. I think the entire market will move higher so I would assume most names to be safe for a short term trade.

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