It's the perfect way to start 2012. We are up over 20% on the portfolio and over 100% gains for all the trades in a week.
Overall, S&P is still struck in 1260 and 1285. It was surprising to see action/strength in the market today. Commodities didn't drop in spite of strength in the dollar. It indicates that market has strength but no conviction yet to go passed the resistance.
Any dollar drop may give bulls the reasons to run up the stocks. However, Alcoa will kick-off the results season and market should focus more on financial results than Europe. Alcoa results are likely to be weak giving bear a reason to double their sell positions. I'd stay in a market neutral, and play calendar calls until the market makes a decision.
Congratulations to all who jumped on Neflix bandwagon. I'd also consider long term GS calls. Furthermore, watch GLD which is making strong moves in spite of dollar weakness.
No comments:
Post a Comment