With the latest dollar uprise and the resistance above, there isn’t much chances for the market to rally hard by the end of this week. being an expiration week, there will be a lot of option related chop involved, so I would advice active traders to take a break from the market, or to a least lower the position size.
Today I have made several trades, according to my game plan. Didn’t trade GOOG though, as it lacks momentum and stayed almost flat through the day.
In fact, I was able to make only two trades (others were not executed, as the price hasn’t reached my target):
ABVT – bough February Calls@60 for 0.60$, sold for 1.60$, nice return for a one day’s work.
ADY – The main thing, I like this company is its finances – strong balance sheet, fast growth.I also liek the huge gap above that needs to be closed, thus my target for this stocks is 32$ by next options expiration. Have been accumulating Calls all day long. Average price 1.55 for March@25 calls.
