Novice Trade: S&P 500 ETF

With the market's crazy morning turnaround, I think this could be the week that the SPX finally breaks out of the range it's had the last few weeks (2440-2450) and blows higher. We have a long weekend coming up, nonfarm payrolls, ultra-low rates and a clear signal that the buy-the-dip people are still in the market given last night's price action.

On a flier, I can buy the Sept. 8 (expiring a week from Friday) $245 calls in the S&P 500 ETF (SPY) for only about $1.15. I think that is a pretty nice deal given that we have tried to break 2450 four times in the last five or six days and the selloff was bought. The next time we get to $245 (the 50-day moving average), we are going to blow through it....8 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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