July 17, 2008

Market Review and Commentary for July 17th, 2008

UP AGAIN! +207 on the DOW. My portfolio was up another $1,200!

The VIX though has me worried – it should have been way down today. Instead it just barely moved. That is NOT a good sign.

As a result I closed my XLF trade and SBUX. Both were up huge and since I’ve been cashing in my puts the days before this big move they were also profitable.

Earnings from MSFT, GOOG and MER were bad after the close.

Tomorrow will test the market’s resiliency… if it can hold up after the bad news from GOOGLE (GOOG) then maybe the market has a chance to move higher from here. If it can’t hold up, we may be heading to new lows in the Dow, S&P and Russell… UGH….

One new trade today I put on: A Victory Spread on the QQQQ’s (see Part 2 of the Daily Review videos)

I can’t safely recommend monthly trades yet- but I hope we can before out window is up.

NOTE: Today’s Daily Review has 2 parts / 2 videos:

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