Stock, Option and Futures Trading
Over the last month it seems like every time we are at a point to breakout to the upside the volume is low. The fact we came back off the 12/28 low is saying the market is strong but we are now sitting at a level of resistance like we said in the post yesterday meaning; if you were going to try to short here right here is your zone.
I am still flat on the overall market until we break one way or the other.
GLD is up 2 points as I write this and GLD could be putting in a good support low. We will continue to watch GLD next week.
Overall we had a good year on the blog trading two lots on each option trade stating with 10k went to around 30k give or take a few thousand. The last two months were not as good as earlier in the year because the market was stuck in a range. Not only was it a range but it seems like every day had a gap over the last two months making the entries harder.
We are basically closing at the same price we opened at the start of the year or a yearly DOJI noted by one of our members a few days ago.
Next year should be a great trading year as we break out of this range. Some people are bearish and some are bullish like always but it feels like the bets are getting bigger and bigger as the market has whipsawed back and forth.
We are almost done with our new site and it will be more active with shorter term stock and option trades. Next year could be a great trading year if you do not get 100% stuck on one direction. Over the last two months we have traded mostly long but we have noted the patterns to go down and the supports that should have held (Which they did). The reason we did not get too aggressive on the short side is we did not want to get caught short with all the gaps.
Since the supports noted have held we still have to call them supports and even though we are at a level to go down we could get a surprise to the upside as well.
Have a great weekend and a safe new years