Thursday, 23 July 2009

Webinar wobbles

I was quite excited that I was able to watch archived webinar from Price Headley and Alex Elder, two trading greats.
While I learned, as always a bit from Alex and Price, the webinar itself was painful, and just shows we are a long way off getting these things sorted when TradeStation took itself off for a rest repeatedly, and mic volume was variable. Valuable lesson -make sure you have a back up plan in case the technology fails. Dr. Elder made some interesting comments however and his take on the market is ambiguous- like a good trader should hedge he reckoned to be wary of the bull and while on charts the signs of a drop were there, this rally may go a lot further. I think it may go sideways too, but that's an option trader's perspective.(and hope)
Seems the F is clueless without being told what to do by Goldman Sachs, I mean the US markets (oops!) but if we hit 4520 I'm looking to trade a combo- sell 4700 call to buy 4200 put for a credit, and depending on its outcome either leg into iron condor or if it's losing sell the puts and buy call spreads, or if it's a big winner just close it out. My price target is currently looking a bit feeble. Has the market run out of steroids just when I need it up a bit?

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