A Day for Trading, Not Options Pinning
Today isn't the day to play pinning. It is a pure trading day. Melt down. Melt up. Quick fingers need only apply. I played around a bit this morning, but I don't really like the action I am seeing heading into midday. The way we are bouncing around today, I get the feeling that something like the Russell 2000 iShares (IWM) could still finish up 3% or even finish flat.
However, the longer the day goes, the less volume I think we'll see as many people head out early to escape Irene. Fortunately, computers don't have to flee, so we have that going for us. At this point, I'd set my stop loss on any IWM longs around $68.60 and just coast for the rest of the day. Equities refuse to roll over, and until some level of support, which keeps creeping higher, gives way, there isn't a reason to sell until the late afternoon....436 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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