Stocks Climb

The market continues to climb as it reaches yet another high.  Led by the financials, there is still little sign (other than potentially overbought) that the rally is done.  The market continues to shake off bearish headlines and defy many in its climb.  Many stocks that were trading below their 7 day moving averages yesterday are now above giving solid entry points for bulls.

For my trades, JCP and BAC.  I start with the pain, JCP.  The stock pulled back significantly right after I entered the trade.  I sit with about a $1500 loss in a high risk/reward option. For now I hold, but I may pull out into the close depending on the attractiveness of other potential positions.  For the gain, I have BAC.  The options are up almost 85% today with a $4500 gain as I write.  The BAC chart has the same look as our strong trades in HD, GS, DE, and TSO over the last months.  All signs continue to point higher.

Into the close, I am looking at stocks like AAPL and FCX.  The price action in the material stocks is improving today with the dollar on the move lower.  The material stocks have lagged the market and it is likely that they play catch up before the bullish rally is over.


Posted on February 12, 2013, in Jeffs 3k-100k. Bookmark the permalink. Leave a comment.

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