Some of My Chart Updates/Commentary For The Weekend

I am updating some charts. Right now I am holding all puts: AXP, MS, JPM, IBM and was looking for MA, GOOG, LVS, WYNN, GMCR as the market was closing but didnt pull the trigger. Perhaps Monday will provide a better opportunity.

This same time last week the market was in meltdown mode. Those red lights were flashing, the sirens were blasting, and the emergency personnel were donning their white chemical suites. It's amazing what 5 days of centrally planned manipulation will do for the sentiment of the market. This is just another act of can kicking. Nothing has changed. No debt has been flushed down the toilet and the overall picture still reeks. Mind you I was along for the ride this week. I am a bear, and think we the world economy is doomed, but no sense letting a fabulously coordinated ramp job leave me empty handed. I noted early in the week that I was a holder of numerous calls including the CAT $95 at $.32 they went to $3.20, the JPM $30 at $.22 they went to $3.15, and the SPY $121 at $.75 they ultimately went over $4. I bought these positions based on a chart formation that I nailed with perfection. ( It was a picture perfect week and these wild swings provide tremendous trading opportunities. While I closed out many of my positions for only 4-5X times my investment, and watched them continue to soar, I still had a fabulous week and I am very happy locking in my gains.

In this centrally planned market there is no telling when fresh taxpayer cash will hit the futures market to artificially ramp stocks, or negative news will hit the wires. You have to be nimble.

Some of my my charts and commentary:



Known 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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