Option Investor
Printer friendly version
  Linda Piazza   11/11/02,  7:10:22 PM
Williams Companies: With a last trade of 2.92, up 12.31% from its 2.60 close, WMB announced an agreement to revamp the agreements it made with California following that state's energy crisis. The energy broker had traded as high as 14% over the day's close.

  Jonathan Levinson   11/11/02,  4:44:28 PM
If you don't mind I would like you to clarify your comments of 15:46 re GE. I have bought GE leap calls - Jan ' 04 22 - @ 8.5 last week. Now with all the rumours of GE I feel I have to hedge. I am not sure whether I buy puts or sell puts. So I was just curious, since I have only started learning options, what it is you are into when you said 'sold Nov. OTM puts against my Dec. expiries' . I look at the OTM Nov. puts and there are no value so which otm did you sell? How do I gauge the best month and price if I want to hedge my ' 04 calls? Thanks a bunch and keep up the good work.

I own Dec 22.5 puts, and today sold Nov 22.50 puts short. As long as GE doesn't close below 22.50 (less the premium paid to me), the contracts I'm short will expire worthless and I can keep all of the price paid to me. My position is covered in the event of GE's taking an unexpected nosedive because of the December contracts I'm long. So, applying the same technique, you would sell GE calls to hedge against your LEAP call position. Unfortunately, I'm prevented by SEC rules from giving you specific advice about your position, but would direct you in particular to Jim's excellent Option Strategies e-book that was sold as part of the yearly subscription. The general idea is to hedge your call position by shorting a "riskier" call position. I don't generally employ spreads, but here, my wish was to take advantage of what looked like inflated premium being bid for contracts that are unlikely to appreciate much in value by expiry in 4 days.

  Jim Brown   11/11/02,  4:07:18 PM
Swing Trade Signals
After looking at the last five minutes on the Nasdaq I think I may have jumped the gun on that exit. The COMPX dropped -7 points in the last couple minutes. It appears the Oracle comments that "growth may reappear" in the first half of 2003 was not what investors wanted. They also affirmed "lower" earnings and said some of that growth would be from weak prior year comparisons. Let's see, we did so badly last year that we have to improve this year even if the numbers are worse? Did I understand that right?

  Jim Brown   11/11/02,  3:46:44 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
The dead stop at 8350 has me rethinking the "hold over" concept when faced with the TRIN near 3.0. I am closing the open SHORT signal now at OEX 448, DOW 8355, SPX 876.50, COMPX 1325..

Repeat: Close the signal now and we will reenter tomorrow.

  Jonathan Levinson   11/11/02,  3:46:00 PM
Following my hunch, I've sold a whack of November GE OTM puts against my December expiries to lower my cost base, and will be vigilant about covering them if the unexpected occurs and price just collapses from here.

  Jonathan Levinson   11/11/02,  3:43:06 PM
Nasdaq-100 volatility spiked to just above 48.10 before reversing back down, just below its 50 day MA resistance line. As volatility indices tend to trade inversely with price, it's not unreasonable to expect that the QQQ was near a short term bottom on that move at its low of 24.18. Combine it with round number support and we'd have 48.30 QQV coinciding with QQQ 24 as a near term support level. The TRINQ is near its high of 3.28, which is nearing extreme territory. While these conditions favor some sort of a bounce or at least a sideways move tomorrow, recall that the rally had explosive sustained moves that lasted for days, and so, as always, the future is uncertain. Nevertheless, I am not expecting a straight line down, and these indicators back up that hunch.

  Linda Piazza   11/11/02,  3:42:37 PM
I'm one of those conservative traders who thinks an exit at this level makes sense, too, especially if you're holding November puts. They're going to devalue greatly overnight now. Tomorrow's another day, with perhaps another great entry, either long or short.

  Jim Brown   11/11/02,  3:41:55 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
Those considering exiting today might think about the TRIN at 2.75. This is an indicator of strong oversold conditions and could spark a bounce at the open tomorrow.

  Steven Price   11/11/02,  3:41:19 PM
Note on Kent's last post on Oil Futures. OPEC has been overproducing above quotas by about 15% the last few months, increasing supply around the world. The president of the organization said he didn't think the cheating was a problem over this quarter and next, but they would have to be stricter come spring. I wonder just how much war premium will enter the equation, given the current oversupply. For an organization that voted to oppose increasing quotas to account for a disruption in Iraq, it seems they don't care much about their own rules. I think this is positive for our economy, since it appears that where there is profit, there will be supply.

  Jeff Bailey   11/11/02,  3:39:00 PM
The 3:15 PM Intraday Update has been posted. Link

  Kent Barton   11/11/02,  3:34:24 PM
Crude oil futures (cl02z) trading mostly flat near $26/barrel. Given the latest developments in Iraq, it's a bit surprising that the commodity hasn't moved higher today. The Dow Transports ($TRAN) are moving lower by 3.2% and underperforming the INDU. This suggests that sector bulls may be nervous about a future increase in the price of oil.

  Jim Brown   11/11/02,  3:31:03 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
Conservative investors may want to consider locking in a profit on the current short signal. The OEX is currently trading at 447 and the signal was initiated at OEX 457. The Dow is at 8350 which is a potential bounce point as support between 8200-8350 is strong. I am leaving the signal open until the internal indicators reverse direction. They are still indicating further weakness but conservative investors may want to exit here and lock in a profit on November options. Reenter on a bounce with December options.

  Jim Brown   11/11/02,  3:18:02 PM
SMH Laddered Put - If you are in the Editors Play SMH laddered put from two weeks ago I am sure you are aware of the SOX.X slide today that Steve has been writing about. The SMH is 22.93 now and the target exit point was 22.50. Get ready to pull that exit trigger if you see any bounce. You might want to follow them down with a trailing stop just in case. With AMAT earnings on Wednesday there could be further weakness tomorrow but be prepared to take a profit at any time now.

  Linda Piazza   11/11/02,  3:17:13 PM
Two other consumer staple stocks doing relatively well today are General Mills (GIS: 42.33, +.48) and Kellogg (K: 32.73,+.80). GIS today forecast that this quarter's earnings would come in at the high end of expectations. K seems to be benefitting more from this announcement than GIS, though, with K up 2.51% and GIS up 1.15%. A PerfChart shows that K has been outperforming main competitor GIS lately. Perhaps investors reason that if K is performing at the higher end of its range, GIS will, too. Today's light volume calls into question any advance, however.

  Jim Brown   11/11/02,  3:12:30 PM
Swing Trade Signals
After drifting sideways all afternoon it appears the bears are going to press the issue in the last hour. The previous lows were just broken and the selling appears to be accelerating. Remember, 8200-8350 is serious congestion and should not be broken without a serious change in sentiment.

  John Seckinger   11/11/02,  2:41:40 PM
Ideally for bears we get a break to new lows, and then these lows will become resistance going forward. Remember to watch out for those "one tick new lows," that have a tendency to trap traders. For the Dow, if 8391 is broken and becomes resistance, the 200 PMA on a 60-minute chart is at 8328 and lines up with support areas made back in late October. This level might have a chance in the next hour, but the market will have to start moving soon. Always important to wait for confirmation. Dow is not at 8391, but 8415 instead.

  Jonathan Levinson   11/11/02,  2:33:18 PM
The QQV is 7.4% higher today, now up 3.51, with the TRINQ at 2.86. The QQV has near term resistance at the 50 DMA at 48.30, about 1 point away. The COMPX is currently trading 1328, still in the congestion zone we remember so well from the October rally. Meanwhile, the HUI is struggling to hold 120, Gold is struggling at the 320 level, and SPX is struggling with 880.

  Steven Price   11/11/02,  2:08:25 PM
Semiconductor Sector Index (SOX): 286.26 -13.65 Observation on the SOX: Stocastics rolled over from the overbought levels and gave a sell signal as it fell through 80. For the year, each time it has done so, it has made it down below the 20 level (7 straight times this year and 8 overall). The current reading is 32.39. MACD is also rolling over to a sell signal. I don't usually put that much faith in oscillators, unless they are confirming what I see elsewhere. The index is on a PnF sell signal, as well, has broken support at 300 and is heading toward the 50-dma of 269, which should be the next test on the way down.

  Linda Piazza   11/11/02,  2:07:59 PM
Another sign of overall market weakness is a rotation today back into the safe consumer cyclicals. MO and KO are two beneficiaries of today's trend, but the increases come on extremely light volume. MO, 43.52 +0.78 , has traded 2.9M, but averages 9.6M daily volume. KO, 44.80 +0.20, has traded 2.4M, but normally averages 6.5M daily volume. This weekend, Mom and Pop Long-term Investor opened their papers to discover that KO closed under 45 for the first time since July. KO made a run for 45 this morning, but 44.99 has been the day's high so far.

  John Seckinger   11/11/02,  1:59:22 PM
The Utility Index (UTY), down 1.89% at 234.59, has just broken its 22 Period Moving Average on a five minute chart and could lead the Dow back under 8400. The Dow's 22 PMA is at 8428, and should trigger another wave of selling once below.

  Jonathan Levinson   11/11/02,  1:45:56 PM
There are now 6.5 declining shares for each advancing on the COMPX, which is at 1334, still in that s/r zone. NDX volatility as measured by the QQV is up 2.7 on the day, TRINQ at 2.71, TICK.NQ -119, making for a very orderly and boring declining day. Even the carpet's growing slowly in my office.

  Jeff Bailey   11/11/02,  1:42:07 PM
The 1:00 PM Intraday Update has been posted. Link

  Jim Brown   11/11/02,  1:38:37 PM
Swing Trade Signals
Decent bounce underway from the days's lows. Far too early to know if it will stick but the key should be OEX 453.50-454. If that resistance breaks then we could be seeing a trend change instead of just an oversold bounce. This equals 8460-8470 on the Dow, 887-889 on the SPX, 1343-1345 on the Compx.

  Linda Piazza   11/11/02,  1:35:06 PM
As expected, volume is light today, with 643M shares traded on the NYSE and 777M on the Nasdaq.

  Kent Barton   11/11/02,  1:31:48 PM
Semiconductor index (SOX.X) 285.34, -14.57: Drifting lower as the session progresses. Short-term bears will be watching for a breakdown below intraday support at 284.75.

In his 13:04 link, Jeff pointed out that INTC has produced a three-box reversal on the p-n-f chart. This correlates nicely with the daily bar chart. Shares have rolled over from the descending trendline of lower highs and seem to be headed for a test of the 50-dma ($15.66). We're also seeing bearish action on the MACD and daily stochastics. Short entries could be targeted on a move below $17.48, but be aware of congestion in the $17.00 area.

  John Seckinger   11/11/02,  1:20:32 PM
The XAU index appears to be trading both inversely with the dollar, as well as technical in nature. The XAU index is lower by 1.65% at 67.78 and came close to hitting its 200 DMA (DMA at 67.13, intra-day low at 67.28). The 22, 50, and 200 DMA's area all appear to be converging near the 66.7 level, and the XAU should react explosively if this level is tested. A weekly chart shows prices will most likely head lower, but it will most likely take a close under 66.7 for sentiment to turn bearish.

  Steven Price   11/11/02,  1:05:36 PM
Steve, NYT is profiled in the OI Watch List as a potential short candidate. The stock was unable to penetrate 50 during the October rally. It's traded down today by as much as $0.60. Merrill Lynch has a nuetral rating on NYT because its current valuation is high. I would appreciate your insight into NYT as a short candidate. Thank you. Paul

New York Times (NYT):$48.11 (-0.48) I have had NYT on the Watch List for several days now, first watching for a break over $50, which it was unable to accomplish, and I'm now seeing a breakdown in the stock. There was some support at $48.00 previously and this morning's bounce off that level shows there are still some buyers there. I'd look for a break below that level to enter, with a stop of $51. Conservative traders can look for a more decisive break, under the 200-dma ($47.09), but must be aware of the support at $45.00. $47.00 is also the PnF reversal point. My target would be $41, which will be bullish support on a reversal.

  Jeff Bailey   11/11/02,  1:04:37 PM
Intel (INTC) $17.57 -3.19% .... Joe Osha at Merrill Lynch saying that channel checks indicate INTC intends to implement a series of price cuts later today on their high-end processors, which is in-line with expectations. Merrill also believes that the company intends to cut Celeron prices as well. Merrill reiterates "neutral" rating on the stock. Link

  Jim Brown   11/11/02,  12:49:59 PM
Swing Trade Signals
OEX 447 is the next major support point for that index with 442 as the next strongest level. A break under 440 would be a critical failure. I have not lowered the stop loss on the open short signal from OEX 463 but those wishing to lock in a profit should be considering their individual exit points. All of my internal indicators are pointing to more weakness ahead and I do not want to get trapped by a lowered stop and a quick buy program and then be faced with trying to pick a new entry point. I am happy being in the current short until market conditions change.

  Jim Brown   11/11/02,  12:40:25 PM
Swing Trade Signals
We are bouncing along the lows of the day ay 8400 (S&P 880, OEX 450) as the markets struggle to hold even number support. Should the 8400 level fail on the Dow the next support around 8350 begins an area of congestion (8200-8350) which should prevent any major down move for the rest of the day.

Even if the downtrend continues it could take a couple days to work through this support. If the trend does continue and 8200 fails then we could be looking at much lower numbers before a meaningful rebound occurs.

  John Seckinger   11/11/02,  12:25:52 PM
The major equity markets are continuing the theme of long liquidation pressure. Looking at the Dow specifically, the 8460 level seemed to be the last real place that trapped longs; therefore, a rally above 8460 could take sentiment to more neutral levels (short term basis). Dow is currently at 8401. For intermediate traders, a close under 8498 will easily confirm last weeks "Bearish Shooting Star" formation (candlestick analysis) and should have technicians looking for a test of 8250.

  Jeff Bailey   11/11/02,  12:24:45 PM
Duke Energy (DUK) $18.36 -8% ... today's trade at $18.50 had DUK's p/f chart back on a sell signal. Current levels flirt with company's recent secondary offering. Bears want those bulls that took the secondary. Vertical count turns bearish once again and currently would be $16. Link

Relative strength of DUK vs. $UTY.X) also turns further negative and would be read "sell signal and column of O" Link

  Steven Price   11/11/02,  12:03:40 PM
Hi Steve, I am currently holding the Nov 20 & 17.5 on elx. It has broken down after a 180% run up in 1 month. Do you think I should take the chips off the table with a nice gain or wait and see if it has more room down. I don't see any support until the 15 range. Thanks in advance..Gary

Emulex(ELX): $16.96 -1.07 Right now the stock is holding above what would have been its previous descending bearish resistance line ($17.00, which requires a trade of $16.50 to cross). There is some support at $16.50 on the daily chart, as well. The sell signal comes at $16.00 and there is little additional support until the 50-dma at $14.70. If I were holding the position, I wouldn't be closing it while it is going in my direction, especially on the verge of some breakdown points. However, there is a nice gain here and every trader has to decide what their percentage target is and how much of a profit they are willing to give back.

  Jonathan Levinson   11/11/02,  12:01:32 PM
Does anybody remember COMPX 1330-35 from the rally? Remember how it stayed glued to this level day after day? Well, now it's acting as support, and the greatest consolation for bears is that the bounces from this level have been weak. QQV is up +3 on the day to 46.94, a big move. The TRINQ at 2.94 is high but nowhere near nosebleed territory. There are currently 6.84 declining shares for each advancing on the COMPX- a slight deterioration.

  Linda Piazza   11/11/02,  11:50:40 AM
I'm a big fan of candlestick charting, but sometimes I switch to a close-only setting on my intraday charts, as I find that it's sometimes easier to identify a pattern as it develops on these types of charts. If you've got the capability to switch to a close-only setting on your intraday charts, try it every once in a while to get a good sense of the shape of the day's action.

  Steven Price   11/11/02,  11:40:52 AM
From what I'm hearing from market makers, single stock futures have seen very little activity so far. I have several people keeping me up to date and I'll be letting our readers know if there are opportunities I see for them to make any $$$. Apparently the same traders making option markets will have an ooportunity to make markets in the futures, as well, although not from the CBOE floor.

  Steven Price   11/11/02,  11:33:08 AM
Steve, Thanks for your insight......I am holding some Nov10puts on IFX. It was much easier to pick this one as a rollover than it is to pick the exit. Any thoughts? Thanks again. Dave

Infineon Tech (IFX): $8.41 (-1.10 11.56%) IFX bounced right above its 50-dma of $8.16. If it breaks below $8, the next support level is $5. However, that would be a move of about 40% and is a lofty goal on the short play. If it breaks down under $8, I wouldn't be closing a short play on the stock, but if it continues to hold above the 50-dma, I might take at least some partial profits.

  Jeff Bailey   11/11/02,  11:28:02 AM
Stocks at session low after Iraqi parliament official says many UN demands "cannot be met."

  Jeff Bailey   11/11/02,  11:26:59 AM
The 11:00 AM Intraday Update has been posted. Link

  John Seckinger   11/11/02,  11:22:00 AM
Looking at a five-minute chart of the Dow, the lowercase "b" pattern spells out long liquidation taking place. The pivot appears to be near current prices (8450). For bears, the ideal situation would be for a "head fake" move where the Dow goes to near 8470 and then straight back below 8450. This would cause longs to sell and shorts to get aggressive. Stay tuned.

  Steven Price   11/11/02,  11:21:25 AM
Steve What do you think of FNIS? rick

Fidelity National Information Solutiuons (FNIS) $21.10 (+0.05) FNIS appears to be moving mostly sideways at the end of a pennant formation, with recent declining volume. It has struggled to the upside with the 200-dma ($21.03) the last two days after breaking down through that level on Thursday. There is support below at $18 and resistance at $22 above, so the stock seems rangebound with the 200-dma right in the middle. Not sure I'd play this one in any particular direction, but since the stock provides info to the real estate financing and listing areas, you can watch the mortgage application numbers for an indication of how the overall business is doing.

  Jim Brown   11/11/02,  10:54:52 AM
Swing Trade Signals
The trend for today is shaping up like Friday with a strong initial drop and then sideways the rest of the day. The Dow has bounced off 8435 three times but can't get back above the morning resistance of 8470. The A/D line continues to weaken and it looks like the bulls do not have enough strength (volume) to break out of the intraday range. With the bond market close and holiday trading light we may be stuck in this trend.

  Jonathan Levinson   11/11/02,  10:52:54 AM
The CBOE put to call ratio came in at .66, then at .69- quite a bit of call trading on such a negative day. We see the action of the dip buyers loading up here, which bodes well for bears. GE is down 3%- Bloomberg is attributing the move to Warren Buffet's bidding less than its offer for its reinsurance unit.

There are currently 6 declining shares for each advancing on the COMPX.

  Linda Piazza   11/11/02,  10:45:00 AM
$DJUSHB (Homebuilders) was up this morning, as were homebuilders Pulte (PHM), currently 43.54, and Beazer (BZH), currently 60.33. It's been interesting watching the action. PHM's high so far has been 44.38, not quite reaching the 50-dma, just overhead at 44.52, before getting turned back. Beazer's high was 61.70, not even coming close so far to the 50-dma of 63.99. A look at a PerfChart of several homebuilders shows BZH underperforming PMH, so its lack of relative strength isn't surprising. PHM is on the OI put list, I believe, and interested traders might also look at BZH. Link

  Jonathan Levinson   11/11/02,  10:43:14 AM
When I began trading, It seemed that everyone else was getting in on the low on the day. At least the pro's were,so I thought. Now I see all I have to do is wait for you to place an order. :) Jane

You've got it, Jane. Stick with me and I'll make you a star!

  Steven Price   11/11/02,  10:42:53 AM
Hi Steve, SOX is heading lower. QLGC is downgraded with a $26 target. Would you still think MXIM is a better short? Do you think this is a good level to short either MXIM or QLGC? SR.

QLogic (QLGC): $38.15 -2.50 It will be interesting to see if QLGC can bounce from the top of its gap at around $37. If it fills the gap and heads lower then it looks like a decent short with a stop of $40. My hesitation last week was a target of $37, with a stop loss of $45 (with the stock around $40 at that time) didn't make for good risk/reward. With a target under $30, the risk reward on an entry just under $37 is different now. Bullish support is down at $23.

Maxim (MXIM): $32.21 (-1.16) Maxim has some support at $30 with the PnF bullish support line at $24, and the stop loss on the play would be $35.50. At this point, I like a QLGC break under $37 better if we can get it.

  John Seckinger   11/11/02,  10:38:52 AM
Without a bond market to watch, I continue to look at both pattern recognition in the Dow and price action within the UTY index and US Dollar. Starting with the Dow, a pattern of long liquidation is seen on a five-minute chart, and it will take a strong rise above 8474 to nullify this pattern (note: not just a one tick move above). The UTY index and dollar are both setting lower highs and lower lows on a daily basis, but do not seem to be leading the equity markets at this time. With that said, all eyes should be on the main equity indices.

  Jonathan Levinson   11/11/02,  10:21:34 AM
The TRINQ is staying relatively high, not dipping below 2.0 on this little bounce so far. The COMPX never even made it to resistance on the one minute chart- just a sideways pause. QQV is up 2.11 on the day to 46.06. Metals are off slightly. Predictably, JPM is the only green on my screen, +.05 on the day. They can thank me later :)

  Linda Piazza   11/11/02,  10:16:13 AM
Down volume is outstripping up volume this morning, with one source listing the ratios of up/down volume as 37/132 on the NYSE and 61/194 on the Nasdaq.

  Jonathan Levinson   11/11/02,  10:15:49 AM
Apologies- the fed is closed, so no open market operations for today.

  Steven Price   11/11/02,  10:04:08 AM
Lowe's (LOW) $38.86 (-0.61) OI put play LOW broke through Friday's $39.00 support. New entries need to be aware of PnF bullish support at $38.00. A trade of $37.00 would constitute a breakdown of that line.

  Jonathan Levinson   11/11/02,  10:04:02 AM
While I agree that JPM looks ripe for picking, why choose a March contract when a Dec. or Jan. one should catch the next market downdraft adequately.

I believe you're right. However, I have a bit of a case of post traumatic stress disorder from the rally that appears to have just ended, and the price of the extra time was more than worth the piece of mind. Those 3 months were likely more of a sleeping pill than an investment.

  Jim Brown   11/11/02,  9:56:43 AM
Swing Trade Signals
The Dow 8500 level failed at the open and now traders will try to claw their way back from current losses to get back above that support. The volume is expected to be light and that could make it difficult to mount any credible rebound. Dow 8250-8350 is the next strongest support level. The internals are continuing to weaken and it is possible we could test that support today.

  Jonathan Levinson   11/11/02,  9:54:59 AM
I've just purchased a 1/4 put position in JPM, March contracts.

  Steven Price   11/11/02,  9:53:08 AM
Retail Holders (RTH) $71.65 -0.85 While Wal-Mart said sales were tracking within the 2-4% growth range predicted for November, Federated said it still expects same-store sales in the combined November/December period to be flat to down 2.5%

  John Seckinger   11/11/02,  9:44:21 AM
It is early, but it appears that the Utility Index (UTY) has a better Intermarket Relationship with the Dow than Oil. The UTY index is lower by 1.71% at 235 and free falling after closing underneath its 22 DMA on Friday. Support is found at 233, and then below at 225. Resistance above is at the 22 DMA of 241.

  Jonathan Levinson   11/11/02,  9:42:00 AM
Sinking lower, COMPX at 1346, TRINQ now 2.78, QQV +1.16, TICK.NQ -66. The fed announcement is key here, as that should be the prime source of liquidity available today with the bond market closed.

  Steven Price   11/11/02,  9:40:58 AM
Semiconductor Index (SOX): 295.79 -4.12 The chip pullback is continuing, with the breakdown under 300 appearing as though it is time to start finding some shorts here. The fact that the Dow is under 8500 helps this cause, as well. With a number of tech stocks reporting this week (and likely making comments about IT and capex spending), we could see some real volatility and the sector could be subject to gaps. The SOX gave a PnF sell signal back at 304.

  Jonathan Levinson   11/11/02,  9:31:44 AM
We have a 4 point gap down open on the COMPX to 1355, TRINQ 1.28, TICK.NQ -51, QQV +1.92.

  John Seckinger   11/11/02,  9:31:02 AM
Note: The bond market is closed today. Therefore, more weight will have to be put on the dollar, Utility Index, and Oil. Speaking of the dollar, the Greenback is currently at 104.56 and slightly higher on the session. Slight resistance is found at 104.62, while strong support is underneath at 104.

  Linda Piazza   11/11/02,  9:27:48 AM
Account Management: The cheaper premiums during options expiration week tempt many a trader to enter riskier trades than usual. Don't be one of those traders, especially if you've been experiencing some recent losses in your trades. Don't try to use options expiration week to make up the losses. Each trade should be entered for its own merits.

  Jeff Bailey   11/11/02,  9:22:56 AM
The 9:00 AM Intraday Update has been posted. Link

  Jim Brown   11/11/02,  8:51:10 AM
Swing Trade Signals
The markets appear to be on track to open flat after comments that the President is ready to send in 250,000 troops if Iraq does not accept the UN resolution. With the bond market closed for Veteran's Day we will be on our own without any asset allocation programs to fuel stocks.

We are short the broader market from OEX 457, Dow 8524, SPX 894. The stop loss at the open is still OEX 463.

  Linda Piazza   11/11/02,  8:46:59 AM
As of this writing, European markets were down as follows: FTSE 100, down 28.40; CAC 40, down 11.29, and DAX, down 24.69. Asian markets had a bad Monday, with the Nikkei down 230.40, and Hang Seng down 189.80.

  Jonathan Levinson   11/11/02,  7:45:51 AM
The USD has fallen to a 16 week low against the Euro, with the US Dollar Index currently trading 104.30. Futures are off, NDX -5, SPX -2.70. The Nikkei had a bad night, and is now priced lower than the Dow, with financial stocks leading the declines in Europe and Japan. Gold is trading above $320/oz.

  Jim Brown   11/10/02,  12:08:40 AM
Link Market Monitor Survey - As you know we experienced some problems with different computer types and operating systems when we tested the Java version of the market monitor last week.

Because we have readers worldwide viewing the monitor from their office on every kind of computer imaginable and readers at home on everything from Windows95 computers to WindowsXP Pro and Apples we need to determine what percentage of each operating system we are dealing with. There is no reason for us to spend hundreds of hours designing code that will run on Windows95 if only .001% of the readers are still using that system.

We hope to have the new Java system up by next weekend but would like your help today. Please take the following 10 second survey and help us get an accurate profile of the reader base. Once you have entered your selection you will get a current snapshot of the results. If you don't take the survey you cannot complain if your computer type is misrepresented in the standings.

Reader Survey: Link

Thank you in advance for your help!

  John Seckinger   11/10/02,  12:08:15 AM
The Futures Trader Wrap has been posted: Link

  Jim Brown   11/10/02,  12:06:50 AM
The Swing Trade Game Plan has been posted: Link

  Jim Brown   11/10/02,  12:06:38 AM
Yesterday's Market Monitor has been archived. You may view it and any previous days here: Link


Market Monitor Archives