Thursday
Sept. 24, 2015
1-855-RWT-0008
Great Morning!
Closing Prices From Yesterday
Yesterday and Today
Yesterday
This had to be the most boring day in the markets in 1 month. How boring was it? It was so boring that most of the blabber coming from the media was not directed at the market’s volatility. Instead all we heard about was how President Xi of China was meeting with American business leaders, and how the Pope had to meet with our President.
The White House didn’t waste any time stretching reality to the point even Einstein came back from the grave to say “NO MORE!” Somehow the WH managed to compare Obama to Pope Francis. Now I have officially had enough.
You get one Pope who happens to be a ultra-liberal, black Muslim and the comparisons come out of the wood work. Obviously their modesty and humble lifestyle demand comparison. Obama stayed at a $5,000 a night hotel room when visiting Manila, and the Pope stayed in a $50 a night room.
The only comparison I see is that if the Pope wins the Nobel prize it will be because he earned it for what he did, not what he was expected to do. Can you tell I hate the media? Younger readers don’t understand, but when I was growing up the news was pretty damn close to unbiased. You had the read the National Enquirer to read bulS8ht. I personally stuck with Playboy for their provocative articles.
So what you read above that pertained to the markets was about as much information that the media reported as well. We had to listen to the LIES from President Xi and his token airplane order from Boeing, and the rest was about the Pope. The Dow closed down 50 in a very quiet day of vacillating around. The only noteworthy tid-bit was oil inventories came in forcing oil down big, and the market held up nonetheless.
TODAY
I am of mixed mind here. In the short term we should see a bounce. If oil falls almost $2 and the markets an hold up as well as they did, we would have been up a decent amount had oil done nothing. We are also miles away from the 200 day moving average, which is bullish.
Yet we are only 1 – 2good days down away from the previous lows set on August 24th. This was too long ago for us to be this close without testing them again. Game-plan, use every rally as a legging tool to get short until proved wrong.
OPTION TRADERS
Still at 22% vol. Remember we are days away from the government shutdown. In an election year some politician will not want to risk taking blame for a government shutdown. Yet in an election year some republicans will want to be on record for doing all they can to shut down spending and Planned Parenthood, whose name is an oxymoron. If you planned things you would not be there.
So volatility will be moving all around, but will not completely collapse until something is settled with Wednesday night’s deadline.
A separate update. Next week’s class topic will be contingent on the government shutdown. I hope it happens and the markets fall like a rock going into it as it will be the best buying opportunity of the year. If quiet and uneventful we will talk about “Where I leg into verticals, risk reversals, etc”.
POT is held each Wednesday night at 7:00pm eastern.
Contract the office at 1- 855 – RWT – 0008 for more details.
Too True To Be Funny
I will leave this empty for the day and let Donald Trump fill it in.
Attorney Stuff
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