Summer Time and the Trading Isn't so Easy

At least if you were long the market today it wasn't easy! I was long QID from yesterday afternoon, and like a dork, sold on the gap up this morning and made up my mind we weren't going down too far today. Duh! Shoulda kept watching it carefully. Instead I was looking for a bounce in a few bullish stocks, not the best strategy when the markets are down around 2%.

This movement will, however, create a wonderful opportunity to sell SPX puts to people who are late to the option buying party. So, I put an initial position on today, and will sit with both patience and intensity (like a hungry cat in the wild) waiting for the moment when the premiums are so ridiculous and the fear so great that I can sell short term SPX puts for far more than they're worth...then sit back and watch them expire in my favor. Timing is KEY however, so patience is in order. This market, while generally bullish, could surprise us and go down a lot further. Do I hear 1450/1460 anyone? I doubt it, but as I always say, what do I know?

This isn't the best time to be offering up long ideas, but here are a few for tomorrow; maybe we'll get lucky:

CRTX above 2.26
SGMO above 9.90
WRSP above 5.18

If you're really gutsy, watch TWTI and GGBM for entries also. Don't forget to use stops, and don't forget to check earnings/news also, I haven't checked yet.

While there are many terrible looking charts out there right now (the majority of what I looked at this afternoon) I don't see short opps that I feel comfortable with mentioning. I do think HHGP could setup for a trade, but it might take some time.

Good luck Wednesday!