August 21st Morning Update

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It's UPB here, futures again are higher as is that 3 trillion pound freight train AAPL. Eventually it will derail, but for now its a tough one to stand in front of. I played the dip for a flip mid-day yesterday knowing that the buyers will bid the stock back up... and they did to new all time highs.

The invisible hand continues to lift stocks, with each dip a buying opp. The dollar is weaker, bonds are weaker, and this is helping to fuel the pre-market rally.

Stocks looks to open the day at their highest levels since 2007. This, according to the WSJ, is one of the most hated rallies in recent memory. No one can believe it. However Jimmybob was onto it last month saying, when stocks were much lower, that we would blink and be at new highs for the year. As he says this morning "where are all the DOOM and GLOOMERS now?" When its time for the market to fall to pieces we'll be ready for it. Now the question is will we see new all time highs and if we do when will it happen? We aren't that far away. Let's wait for everyone to get onto the bandwagon first.

For those of you who couldn't make last Thursday's webinar I have posted the link in the forum.

Lee is coming back for another webinar on Thursday morning at 8am eastern. I will be recording it again and will upload it for viewing later on. I will post the link to the webinar in the chat room as well as at this link:

http://www.optionmillionaires.com/live-event-classes-jtv/

Jimmybob's watchlist can be found here:

http://www.optionmillionaires.com/forums/topic/aug-21st-watchlist/
U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.3%
-S&P 500 futures up 0.3%
-Nasdaq 100 futures up 0.3%
-Nasdaq-100 Pre-Market Indicator up 0.24%
GLOBAL SENTIMENT
Nikkei down 0.16%
Hang Seng down 0.02%
Shanghai Composite up 0.54%
FTSE-100 up 0.27%
DAX-30 up 0.46%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+) Chip stocks: higher
(+) Software stocks: higher
(+) Hardware stocks: higher
(+) Internet stocks: higher
(-) Drug stocks: lower
(+) Financial stocks: higher
(+) Retail stocks: higher
(+) Industrial stocks: higher
(+/-) Airlines: flat
(+) Autos: higher
UPSIDE MOVERS
(+) DEXO, (+ 20.97) SuperMedia, Dex One in Stock-for-Stock Merger of Equals
(+) URBN, (+15.44%) Better-than-Expected Q2 Results
(+) AMWD, (+15.13%) Q1 2013 Revenues Beat
DOWNSIDE MOVERS
(-) BBY, (-9.36%) Falls Short on Q2 Earnings, Revenues; Suspends Guidance
(-) VHC, (-6.12%) to Re-file its Complaint Against Apple with the ITC
(-) TECD, (-6.14%) Misses on EPS, Beats on Revenues

 

U.S. stock index futures were modestly higher Tuesday morning, tracking a rally in European markets stemming from hopes that the European Central Bank would intervene to pull down borrowing costs and combat the region's ongoing debt crisis.
The climb in European markets follows yesterday's statement by ECB Executive Council Member Joerg Asmussen, that he is behind the concept of renewed bond buys by the central bank.
Investors also have the Federal Reserve at the back of their minds. The central bank will release minutes from its July meeting Wednesday afternoon. Investors will pay close attention to the language in Ben Bernanke's speech, looking for any clues into future quantitative easing.
There is no economic data on today's calendar.
Commodities were mostly higher pre-bell, Nymex crude-oil futures climbed 0.91% to trade at $96.59 a barrel in electronic trade. Gold futures gained 0.5% to change hands at $1,626.30 an ounce.

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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