Its amazing how much a day like today can change the views of people. I have a couple of professionals that are good contrarians. Thier excitement and confidence in the markets after a one day bounce concerns me. When it come to the markets, people have a short memory. March has been a very long month. The plan of action is to establish our positions with 5 to 6 weeks until expiration. The working list of April candidates includes the following stocks:
The prices are as of Tuesday's close and have no meaning on the validity of the candidates. The energy and agricultural sectors are well represented here. The interesting candidates include IBM and CSCO. IBM has been relatively strong in the face of a weak technology sector. GLD is the Gold tracking stock. Another ETF to get familiar with is DBA (Powershares Agricultural). We have to be aware of earnings dates this expiration cycle. One of the first trades may include a SPY short put position on a slight retracement of today's bounce. Look for updates and portfolio additions in the next few days.