Market trend and trading strategies

Hi all,

Haven't updated this blog for a while, as I am busy looking for a job. Alright, let's talk about the market now. What I can see is that

1) There would be an about 10% correction at the level around 1120 (it may start already now).
2) After that, it will be still a good BUY-DIP opportunity, but increasing may become slow and not as sharp as before.
3) So, good strategies on trading at this moment is that BUY DIP and SELL COVERED CALLS. You know what I mean, right?

I personally bought DRYS and sold NOV 7 calls at 0.85, an assigned 12% return in a month, not bad.

Good luck on your trading!

Added short positions, FAZ

I added short positions FAZ around $24.7 and for a $27 target in short term. Today could be a pivot day (local high).

Happy long weekend

Market will get more interesting after labor day. Do or die, or neither? Let market tell. Be patient!

Enjoy your long weekend and good luck trading next week!

Be patient

Market could go either way from here short term.

Your patience will pay you off.

I am not expecting market could do much before labor day.

Just take a break!

SPX BUY signal

System shows a BUY signal if SPX stands above 1033.

Market refuses to go down, let alone down hard!

I am back

I was away for the last 2 days and am back now. I sold out AMD at $4.05, and still keeping MGM, and some OCT puts on market.

Signals are mixed from system. So better to have fewer positions now. I am expecting market to have a 15-20 points correction from here. But who knows ...

Manage risk!

New high stamped

Market closed with a new high last Friday, which completely taught me a lesson to me. For my short positions, DUG, ERY and SPXU shares got stopped with some loss, while keeping OCT DUG calls and OCT SPY puts. I have to admit that I didn't do good on risk control this time, too convinced with last Monday's sizable down, and underestimated bulls engery to push market to a new high. Well, wrong is wrong.

Well, I added long positions on Friday: AMD and MGM.

AMD looks that it bottoms out. MGM is lagging while LVS shows a lot of strength (breaking out) on upside. So, I am expecting MGM to catch up from here.

Good Luck on your trading next week!