OUTLOOK FOR NEXT WEEK:
My outlook for next week is neutral/flat. Next week is options expiration week and I think SPX will be pinned at 1100. why 1100? Look at the graph above (Courtesy of schaeffersresearch). The 1,100 strike, per the graph below, is home to monstrous put and call open interest in the December series, which in turn may cause a magnetic effect in the week ahead.
MY WATCH LIST:
1. GLD: Target entry at 107.50-108.20. The 50 MA is at 107.87 and I believe GLD will find support at that level. Exit target (for GLD) at 113 and 115
Strategy- Jan 110/115 call spread (BTO Jan 110 call and STO Jan 115 call)
2. USO: Target entry at 34. The 50 MA on weekly is at 34.18 and 200 MA on daily is at 35.10. I will go 100% long if we get to 34 for a short term trade. My exit target would be a gap fill at 37.50
Strategy- Jan 35/38 call spread (BTO Jan 35 call and STO Jan 38 call)
3. FCX: Target entry at 72.50-73.00 and exit at 20 EMA at 80
Strategy- Jan 75/80 call spread (BTO Jan 75 call and STO Jan 80 call)
GLTA
Hi Pra, I think I'll follow you in USO...will you be using options, or the equity itself?
ReplyDeleteI'll be trading from the city the next few weeks, so that means trading off of my laptop and hence, I'll loose my dual screens and charts for the most part. I may have to rely on you my friend:-)
Any chane I can add you to google chat?
r1200gas1@gmail.com
Enjoy your weekend.
Hi FB,
ReplyDeleteYes, you can add me to google chat. However, I have to remind you that my work place has blocked it :-)