June 17, 2008

Download the Daily Market Review and Commentary for June 17, 2008 – Click here to download

Here are the trades that I took today (watch video for details
and exact fills):

Don't forget to paper trade these first - at least 2 months - before
making any real money trades.

Type  - SYMBOL - Strikes - Credit/Debit
-----------------------------------------------
Iron Condor - SPY:
141/146 July Calls - $.74 credit
128/123 July Puts - $.52 credit
-----------------------------------------------

Double Calendar - DIA:
125/125 - Calls - July/Aug - $1.08 debit
119/119 - Puts July/Aug - $ 1.03 debit
-----------------------------------------------

We're just starting our monthly trades. Hopefully the price
will move around some so we can add trades at different price levels.

UPDATE: Based on the VIX I mentioned that the market had the potential
for a large move lower. Today we were down -108 on the Dow. I don't
think we are done yet and the Dow, NASDAQ and S&P could be moving even
lower however the Dow is coming into a major support at 12,100. If we
hit that on the downside and don't break through we could get a very
fast reversal to the upside - but if we break through the next major
support level is between 11,800 and 11,900. Ouch...

This week I'll do a special video on the current health of the market -
keep an eye out for it...

Trade With Confidence