Monthly Madness!!

The monthlies still look good, in May I made mention of this HERE. Long term target would the the red circle highlighted on the chart 1075-1100 zone. I think it will take some time to get there, but between now and then bulls and bears will have plenty of opportunities to make money.

Managed Account

Another 2% for my investors. With the weakness in the market this morning I'm selling $RUT put spreads. I will also be on vacation starting tomorrow till Sunday, you might not hear much from me, but I will try to update you on any new trades. Have a good week and good trades.

Florida....

$RUT

So far so good this beautiful Colorado morning. My thoughts last week are starting to play out, and I think the $RUT hit a short term top. The range for the $RUT is big, between 525 and 575 is where I think we could be around for the coming weeks/months.

An hour and a half into the trading day the market internals don't look all that bearish.

New trades for today are still in the works, I will keep you posted on my fills.

Pair Ideas

Tonight its all about the pair. These are just a few of my ideas, these are the ones that are on my current watch list of trades. As I place these trades, I will keep you updated here or on my twitter page.

Earnings Update

Have a good weekend everyone.

Turning Point?

Yesterday was a very exciting day for the bulls, I bet they loved watching the bears capitulate. Today the market internals look soft and that is what I expected to see after the market went parabolic, people are protecting profits or scaling out of winning positions. Today I'm not adding or adjusting any of my positions. I think we will remain soft till mid next week, then we will test 1000. I am not a bull at this point, I want to see the action at or around 1000 to take a stance on market direction. So for now I will continue to be theta positive and market neutral.

Above is a chart of the cubes. To be realistic I think that this could pull back to about the 37 level to make a higher low. Things just don't go straight up or straight down.

Steel Pulse

FDX-UPS

A new trade idea via a few posts ago. Any weakness in this pair I will be a buyer of this spread. My idea price to get in would be around 9.75-10.00.

New Trades

Today I set a slightly bearish calendar spread in the QQQQ. I'm long volatility and I think volatility levels are extremely low right now. The chart above is of the $VIX, my thinking is that vol levels will rise sharply in any minor or major pull back we get. I also set a GS buy write today and just my luck I get it when GS was down about .70.

Pairs Trade

I hedge everything that I do, I hate unlimited risk. Pair trading is something that I am familiar with but have not mastered yet. I do have one pair trade on right now and its doing pretty well, I'm long GLD and short SLV. I have had this trade on for about two weeks.

Think or Swim makes it very easy to pair trade. The chart above is GLD-SLV.

Over the next couple weeks I will be posting trade ideas.

SPY

Well so much for my thoughts on market weakness at resistance. Volume is very weak today, and that makes me think that we will be in a very tight range the rest of the week. My prediction for the coming week is a small pull back to the 925-930 area before we head higher.

Today I added some more $RUT bull put spreads. I currently still have my small SSO short that I will hold till we have a close above 960.

Credit Ideas