DJX - $105.12 Dow Puts ** Stop Loss $106.50 **
The Dow gave us a nearly perfect entry with the spike to $105.78 to trigger out put entry at 105.50 on Tuesday. The Dow weakened the rest of the week but find some buyers at the close on Friday.
Unfortunately the Wilshire-5000 is not confirming the weakness and is suggesting there are still buyers just under the current range.
I suggested this play because I thought Greenspan would confirm that Fisher spoke out of turn and the Fed was still on its measured pace program until Q4. I also expected Intel to fail to impress. Both events came to pass but the market did not implode as I expected. Whether this is a time delayed fuse or the bad news bulls have returned in force we will not know until next week.
Aug $104 PUT DJV-TZ @ $1.55
No insurance call - Stop at $106.50
Entry $105.50 (6/7)