The Man I Trust for Trading Advice
Hi Shoppers, Wow, what a crazy week! In my last letter, I called $425 on SPDR S&P 500 (Ticker: SPY) … and I still think we can trade down to that level. That would be right about an 11% move from the high close on Jan. 4 – AND we still have the Fed on […]
Don’t Get Chewed Up
Hi Shoppers, Wow, it’s pretty dicey out there. The market has been very volatile for a while now and it picked up steam yesterday. Look at these daily candles in SPDR S&P 500 (Ticker: SPY): Those are some wide-ranging candles that show the big swings up and down. Yesterday, SPY gapped up $2 on the […]
Is Oil Ready for a Pullback?
Hi Shopper, Is oil ready for a pullback? And could this be your chance to strike it rich? You see, Brent Crudejust traded at its highest level since October of 2014 at $88.51 … And West Texas Intermediate touched $86.61 yesterday … A drone strike hit three tankers in Abu Dhabi […]
I’m Thinking Doji
Hi Shopper, Is Friday’s candle in Pfizer (Ticker: PFE) a doji? It could very well be a doji – and it is very close to the 50-day moving average. PFE has traded down from a high of $61.71 on Dec. 21 to Friday’s close of $54.95. If PFE opens and trades higher Tuesday, I would […]
Mark Your Calendars
Hi Shoppers, I want you all to mark your calendars from the opening of the market at 9:30 AM ET until the close at 4:00 PM ET this Thursday January 13th. That’s right! You are invited to join the entire Option Pit team for a full day of live trading. We will be live nonstop […]
School’s Out For … ?
Hi Shoppers, I am sure you have heard by now that the Chicago teachers have voted this week to go back to remote learning. It was literally announced somewhere between midnight and 4 a.m. on Wednesday morning. The only reason I know that is because Scott wasn’t here so I was pretty […]
In Awe of Words
Hi Shoppers, I saw this quote from John Steinbeck the other day: The discipline of the written word punishes both stupidity and dishonesty. Nowadays, with so many people being able to express themselves through so many outlets, I am afraid this statement is very far from what is currently happening. John Steinbeck would be amazed […]
Resolution TIme
Happy New Year Shoppers, It is time to start those dreaded resolutions. You know the ones that never stick. I will eat healthy! No sugar! No gluten! Etc. They’ve even given a name to not drinking during the first month of the year: “Dry January.” That’s how popular […]
Trading Discipline
Hi Shoppers, One of the hardest – if not the absolutely most difficult – trading discipline rule to abide by is: Stick to your trading plan. You will be challenged with this often. The stock hasn’t gone your way … You’re beginning to lose money on your trade … Suddenly, you are at that price […]
About Those Candlesticks
Hi Shoppers, This is always kind of a weird week, right? We just finished Christmas … Gifts are opened and bellies are full. Some of us are hungover. Some of us are just worn out. But we’re happy. It was fun … all the planning, shopping, wrapping, cooking and celebrating together. (As best we could […]