Market Drifts Higher
The markets continue to rise on unimpressive volumes. As long as the volumes remain light, I am looking to ride the wave higher. While this rally could reverse at any time, stocks continue to trade above the 7 day moving average. The market also has a wall of worry to climb when it comes to the fiscal cliff. The cliff offers significant downside risk, but these type of ‘deadline’ events have been met with buying over the past couple years. I am still holding the following:
20 Dec 15 XLF calls: $250 gain
30 Dec 39 FCX calls: $1100 gain
These gains bring the account value up over $6000 for now. I have my 1st double after 2.5 weeks. The 1st double is normally the hardest to get.
I will look at trade changes into the close of the day but will likely let the trade play out for the next several hours.