I’ve updated my analysis of the E-Mini S&P Sunday night, since it’s getting pummeled at the moment. The futures are trading 849.25, but the selloff has done little technical damage to the hourly chart. Trouble would begin, however — in the form of a bearish impulse leg – with a print at 836.50.
COMMENTARY for Sunday
TODAY'S ACTION for Sunday
Rick's Picks for Sunday
We hold the Sep 84 (DAVIF) -May 84 calendar spread four times for 3.45 and a September 76 put purchased for 1.49 on the opening last Thursday. Our maximum theoretical gain would come with the underlying stock trading around $84 when the May calls that we are short expire on May 15. The theoretical gain for the position would be about $779, based on a 5.77 price for the September calls, a price of zero for the May calls, and a price of zero for the May 76 put. If you work the numbers, you'll see that this position yields a theoretical profit over a very wide range of prices. I've included a snapshot of an option calculator that shows how I estimated the value of the September 84 calls as of May 15 with the underlying trading for $84.
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A Hidden Pivot at _____ still looks compelling as a minimum upside target. The midpoint sibling of this number is _____, so any pullback to that number should be viewed as a possible buying opportunity. One way to take advantage of this conservatively would be to place a tightly stopped bid at a minor-retracement 'd' target or c-d midpoint, ...
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_______ UPDATE (11 a.m): The futures topped overnight at 919.70 -- four ticks from the target. We've lost count of the number of rallies that merely met the minimum requirement without going the extra inch that would have signaled real strength. ...
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May Silver looked bound for at least ____ when the bell ended Friday's session, but the rally will probably need to do a smidgen better, surpassing a prior peak at _____, to rattle the nerves of shorts. ...
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Cliff Dive Ahead for Bank Stocks
by Rick Ackerman on April 26, 2009 7:06 pm GMT · 2 comments
We’ve masked the salient details, but can you guess which NYSE-listed stock owns the powerful rally shown in the chart below? There are two things to notice: 1) the company’s shares are trading above $100 – a rare distinction at a time when many erstwhile blue chip companies have been reduced by the Great Recession to penny-stock status; and 2) the stock has nearly doubled in value since early March – a far better performance in these hard times, even, than Apple, whose shares have appreciated by “only” about 50 percent over the same period. Moreover, the stock has risen 278% percent since November. Give up? Here’s another hint: It is a financial company whose program trading in recent weeks » Read the full article