With the DJIA breaking through and closing above the psychological 13,000 level the bulls might have a nice little rally into the opening and then some. It could be a tough day for some of our positions that are on the wrong side of the legder, especially with the way the jobs data reads pre market
NOK, SOLF, LVS, SHPGY we can let play out today and should not require any attention today.
However, JCG and BK will require a little intestinal fortitude and could present some pain
In regards to our indexes. IWM and SPY. We have a few points before they come after us and the rationale here, although a little painful, is that both of these indexes will probably open up strongly today and more than likely hold a lot of their upward action today, as the jobs numbers were off, but a lot less than expected ( -20,000)
versus (-80,000 last month ). The pre-market seemed to like that very much
Our strike prices are very close and would have several options.
We can hold over until next week to see if we get a retest back to 13,000 ( as it now seems 13,000 is the support, as the DJIA has broken through that level and thus now appears to be the support. The market may continue to move to the upside because that psychological barrier has been now broken.
For those of you who would rather avoid the pain you might consider closing
your IWM and SPY positions if we breach of close above the 144 price on the SPY and 75 on the IWM. However, if you can stand a little pain wait to see how today plays out and see if we get a little profit taking going into next week
Our DJX play is on the WATCH list and we have about 290 points of wiggle room.
Let's see if we get a little retracement between now and 13,300...