Jumping for Joy Global
The market is stuck on autopilot. The Beige Book may give it a little goose, but overall, folks are waiting on Friday. I haven't done a lot other than focus on the few existing trades I have in the portfolio, but I have to say I haven't been overly active in searching for new positions.
I did jump back into Joy Global (JOY) with a September $50-55 call spread, as the bounce I was looking for very early today finally materialized. Just on the basis of the chart from earlier today, Joy could get upwards of $54 in a short time frame. This is an important reversal off the lows off of bad news. The $49 level has defined itself as a floor for JOY. Under $49 and I don't want to be anywhere near the long side of this stock, but I do like the bounce and action here today. The report was nowhere near good, and sellers have stepped aside. This is what bulls should be looking for to get the feeling that a bottom, even if temporary, is in place for JOY....191 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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