While that was a scary buy and SX traded to a low at 15.03, certainly 3 cents of heat was worth the rally up to 15.25 3/4. As I write this is trading at 15.23 20 cents a contract is $1,000.00 a contract
1) Take profits in 1/3, move protective stops on the rest up to 15.14. Worse case on this move you made 15 cents on some, have a guaranteed 8 cents on the rest. I’d sell more at 15.33, with final upside target of between 15.53 and 15.60.
In the Dow futures, patience has been a virtue. It’s election day, and I have no idea who is going to win. Market wise, I remain friendly, looking for all the nervous shorts to bail out when they don’t see a musical chair rush for the exit. The high today in Dec is 13,229, up 161 ticks. That’s a profit, if you sell now of around 200 pts, or 2K a contract.
There are worse things in life than that, I can assure you.
We may see 12,300 today. I’d gladly let some go at 12, 283 or 284. The rest, I’d like to see sold at 13,300 and then 13, 400.
That is all for now.
CER