Tuesday, 2 June 2009
Overview:
After Fridays big intraday move north US equities continued the push forwards with majors up around 2- 2.5%. An interesting note is financials which during the afternoon turned negative then swung positive strongly into the close. This break leads me to be pretty bullish. Immediate target is 975 followed by a push to 1025 in the next few weeks.
New Trades
Option trades:
C – Long June 4 Put at @$0.56
– Breaking 2 month support on an up day in financials
BAX – Long June 47.5 Put at $0.35
– Falling from top of recent range – target bottom of range.
WFC – Long June 27 Call at $0.85
– Rallying off support
XLF – Long June 13 Call at $0.31
– Consolidation and breaking out
IPI – Long June 34 Call at $2
– Ag names are breaking out
MCO – Long June 27 Put at 41
– Failing to break recent resistance
Stock Trades:
–
FX Trades:
NZDUSD has smashed out of the park trading with a .65 handle. Taken hedge off as it is hitting a big fib level. Would be keen to buy on a retracement but am aware there is potential for further strength.
USDJPY traded with strong support – currently in no mans land.
GBPJPY is skyrocketing as well.
With these currencies they all appear due for a retracement but I have a nagging feeling they will continue their current moves so will look to enter in small lots with tight stops.
Trade Track
|
Options |
||||||
|
Ticker |
Type |
Entry |
Stop |
Current |
Target |
P&L |
|
GWW |
Put |
$ 0.95 |
$ 77.50 |
$ 0.13 |
$70 |
-$ 0.83 |
|
EMC |
Put |
$ 0.24 |
$ 12.25 |
$ 0.06 |
$ 10.75 |
-$ 0.19 |
|
IAG |
Call |
$ 0.83 |
$ 13.00 |
$ 1.23 |
$ 13.00 |
$ 0.40 |
|
PCU |
Put |
$ 1.15 |
$ 19.00 |
$ 2.78 |
$ 22.50 |
$ 1.63 |
|
C |
Put |
$ 0.56 |
$ 4.00 |
$ 0.56 |
$ 2.74 |
$ – |
|
BAX |
Put |
$ 0.35 |
$ 51.75 |
$ 0.40 |
$ 51.75 |
$ 0.05 |
|
WFC |
Call |
$ 0.85 |
$ 25.50 |
$ 0.85 |
$ 28.50 |
$ – |
|
IPI |
Call |
$ 2.00 |
$ 32.25 |
$ 1.90 |
$ 37.50 |
-$ 0.10 |
|
XLF |
Call |
$ 0.31 |
$ 11.75 |
$ 0.31 |
$ 13.50 |
$ – |
|
MCO |
Put |
$ 1.00 |
$ 30.00 |
$ 0.90 |
$ 26.00 |
-$ 0.10 |
|
$ 0.86 |
||||||
|
Stock |
||||||
|
Ticker |
Direction |
Entry |
Stop |
Current |
Target |
P&L |
|
PCX |
Long |
$ 9.41 |
$ 7.50 |
$ 9.27 |
$ 13.00 |
-$ 0.14 |
|
UNG |
Long |
$ 15.26 |
$ 12.50 |
$ 15.84 |
$ 25.00 |
$ 0.58 |
|
$ 0.44 |