Our prediction for today was spot on. Market as predicted, closed flat, but not before a minor dip in the morning giving us an opportunity to close positions at a gain.
I opened two trades for a neutral market and one put for technical pull back.
MGM not only over bought, but also trading right below 200 days moving average. It should struggle rallying, and a small pull back should give us 10% gain within five days. There may be a massive rally if it crosses 200-day moving so let's have a strict 10-15% stop loss.
Master Card was downgraded by Goldman Sach today. It should stay between 333 and 350 by Friday's market close. A close at 340 may double our position. Financial will be active on Friday, so we will see.
Most of the shorted stocks will out perform if the market continue to rally. Watch GME, FSLR, X, NFLX, GMCR, and other heavily shorted stocks.
Overall, market is expected to trade in a narrow band between 1280 and 1305. JPM will set the tone for the banking on Friday before the market open.
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