Tuesday, July 2, 2013

Haven't we seen this before?

Haven't we seen this before where there is some congestion at the top of a S&P move and then a big fall down. I think traders should be selling rallies right now and getting a little flatter on dips. It is best to stay short the market up here in the S&P's. Oil also looks interesting so I am might be willing to do a trade in the USO ETF. However, for me I would need to put in a bearish position and there isn't a whole lot of premium in the calls, but if someones want to trade the futures it is very possible to sell some crude oil futures. Gold looks like a buy if it tests it's low of 1197, but for now I just want to sell premium in gold, without taking a whole lot of directional risk. For a gold position I have sold the NEM 24,26,32,34 Iron Condor and I am working another order in GDX. Interesting stocks to play in are BBRY (I am short a wide put spread in), WLT (Short OTM Puts), CLF, NEM, and GDX. For the major markets I am mostly bearish, but I would be careful getting heavily short into a holiday week.

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