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update August 17, 2010
Hi good morning Hobstas!
Well I told everyone to go long yesterday in the Lounge and just about everywhere I went :)
The charts told me that we were about to reverse and again I stress Tuesday is the most bullish day of options expiration. Then Wednesday is usually up too, you know they don't make it so easy for the bears (EVER)
I am long gold and will add on dips, and in the lounge we will have a slamming day :)
Long NFLX again after profits yesterday up another 500$ yesterday and today well...my target of 140 is about to be met :)
Hi Hobstas,
Wow what a bearish week we had Tech took a beating with the scandal about Mark Hurd, CSCO negative outlook and RIMM's problems in India and other countries where they are being banned. The NASDAQ had a terrible week.
The U.S trade deficit widened by $7.9
billion in June, the
most since record-keeping began in 1992, to $49.9 billion, a
report from the Commerce Department showed. Exports posted the
biggest decline since April 2009.
Consumer spending, which makes up 70 percent of the
economy, is being held back by an US Unemployment Data rate close to a
26-year high. An Aug. 12 Labor Department report showing more
Americans than estimated filed applications for unemployment
benefits last week pointed to further weakness in the job
market.
Ben and Company downgraded the economy and used the most hated words in the markets (uncertainty) this week and Ms. Market just hated that and showed her feelings about it. “The pace of economic recovery is likely to be more modest
in the near term than had been anticipated,” the
Federal Open Market Committee said in a statement after meeting August 10th.
The Standard & Poor’s 500 Index slumped 3.8 percent in
the five days ended yesterday, the biggest one-week loss in a month,
and a surge in Treasuries pushed the yield on the benchmark 10-
year note to the lowest level in 16 months on concern the
economy will relapse into a recession. Reports this week showing
Chinese industrial output cooled and growth in Europe was uneven
added to pessimism over the prospects for the global economy,
just as the Federal Reserve said the U.S. recovery was weaker
than anticipated. Asia has tons of economic info coming out starting Sunday and you can bet that that will move the markets. .
Economic Calendar
We have many headwinds on the economy and the charts tell us a story that can get quite ugly so what I do is concentrate on stocks to trade (only options) and that's how we are so successful in the Lounge. Here is a video outlook for this coming week. 
Here is the NFLX trade just from this week, I have been trading it since earnings and it has become one of my favorites. A stock allot of traders have said they hate to trade!! A profit of 1500 this week in a few days Click on to see screen shot
NETFLIX TRADE
Just a note to those who trade, no one is right 100% of the time, you have to be real about it. I have had a few that haven't worked POT, PCLN, but I was spot on 85% of the time and when you do earnings there is always a chance that things can go against you, so take small positions. You can always spot a newbie because they take too big of positions and blow their account up the one time they are wrong. I stress this in the Trader's Lounge but some people still don't listen! I feel bad for them and hope they use it as a learning experience.
Peace, Love and Luck to all,
Anna
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